I am a partner in a partnership firm (consisting of 4 partners) that has stopped running its business. Our firm has rented out the premises @ Rs. 1,65,000/- per month. The tenants deduct 10% TDS on the rent.
With respect to Financial Year 2018-19, I need to understand:
1. Tax Liability for the firm;
2. Tax Liability for individual partner.
1. Yes, over rental income.
2. No tax liability over capital income or shares distributed.
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