12 August 2011
We have a partnership firm named ABC in which there are 2 partners of 50% each. The firm has no business / or other income other than the agricultural land they own. From this land they get an income of Rs.20 lacs per year. Is this income 100% exempt from tax. or iyts like (20,00,000*33%) - (20,00,000*10%). Please help me thnx in advance
CAclubindia
