Share of Profit

Vivek (Finally passed CA Final...!!!!!)   (1097 Points)

11 January 2010  

Hi all,

We all know that Share of profit from Partnership Firm is exempt from tax under 10(2A).... Now i want to know whether it is before tax or after tax. E.g; Total income of Partnership firm is Rs. 1 lac. Tax @ 30% 30,000. A partner has 10% share... How much income he must show as exempt under section 10(2A) in his ITR return...? Whether 10000 or 7000...?