income tax on partners salary

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 November 2009 Sir,
i am a partner along with another person in a firm. we are drawing a salary of Rs.72000.00 each. Since the firm is in loss we are allowed only a salary of Rs.25000.00 each.
Now for paying the personal tax how much will I be liable?Do I need to pay tax on Rs.72000/Rs.47000.00?

Please help me

Kapil Arora

Kapil Arora (Expert)
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06 November 2009 how much firm getting deduction,,,only that part

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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06 November 2009 If u have drawn salary Rs.72000/-,then u have to show that amount in your income tax return under the head 'income from profits and gains of business/ profession'.

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Querist : Anonymous

Querist : Anonymous (Querist)

06 November 2009 Sir,
do u mean that entire 72000.00 is liable to tax? Rs.47000-00 is already being taxed in the hands of firm