30 September 2023
A private limited company is a partner in a firm. The firm pays taxes on its profit and pays the company its share of profit. The company wants to pay its directors this share of profit on which the firm has already paid income tax. Is it taxable in the hands of the directors. Can it be given without attracting tax in the hands of the directors. Can the experts throw some light on this issue please.
02 October 2023
If the company pays its directors that portion of profits which has already suffered incime tax, is there any way for the directors to claim exemption?
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