profit from partnership firm

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sandeep (Querist)
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03 June 2010 sir , if company invested in partnership firm and profit earned during the year is it necessary to disclose it or we can show it in mis. income.

Rasesh

Rasesh (Expert)
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04 June 2010 Company' Share of Profit in the Partnership firm should be disclosed seperately and should not be clubbed with Misc. Income.

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CS ,CMA Shambhu Kr. jha

CS ,CMA Shambhu Kr. jha (Expert)
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10 December 2010
If any company is a partner in any partnership firm and getting profit therefrom it will be it's income and need to disclosed it will not be treated as mis.income .
But a lot depend upon the memorandum of association of the company
Thanks

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