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Loss from partnership firm

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(Querist)
26 June 2013 A company, which is also a partner in a partnership firm has the following incomes :
(a) Income fm Interest Rs 60000/-
(b) Income fm Partnership Firm Rs (-) 20000/-

Now while calculating the tax, tax would be calculated on Rs 60000/- or net Rs 40000/-?
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CA UMESH DULAL

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CA UMESH DULAL (Expert)
26 June 2013 Any income from partnership firm is exempted and as per definition profit includes loss

so income of company is 60000.
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swasti

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swasti (Querist)
27 June 2013 Thanks a lot Sir
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