Amount received on partnership firm at the time of retiremen
This query is : Resolved
04 January 2013
DEAR SIR/MADAM,
PLS TELL ME WHAT IS THE TREATMENT OF TAXATION FOR THE AMOUNT OF RS.9 LACS RECEIVED AT THE TIME OF RETIREMENT FROM PARTNERSHIP FIRM.
PLS TELL ME WHAT IS THE TREATMENT OF TAXATION FOR THE AMOUNT OF RS.9 LACS RECEIVED AT THE TIME OF RETIREMENT FROM PARTNERSHIP FIRM.
08 January 2013
Dear sir ,
You have to check what kind of receipt is it ? If it is the share of profit of Rs 9.00 lacs then there is no need of taxability of the income ....as per SECTION 10 (2A) . Otherwise there is a taxability of income if it is partner salary or remuneration ....above the amount prescribed ....as stated in section 40(b)....
You have to check what kind of receipt is it ? If it is the share of profit of Rs 9.00 lacs then there is no need of taxability of the income ....as per SECTION 10 (2A) . Otherwise there is a taxability of income if it is partner salary or remuneration ....above the amount prescribed ....as stated in section 40(b)....
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