computation of partners

This query is : Resolved

rajesh (Querist)
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26 September 2009 How partner in his individual return shows the income received from firm as

Salary and

share of profit from firm

whether it is to be taken as salary or business profession?
Thanks

Chandresh Pitroda

Chandresh Pitroda (Expert)
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26 September 2009 It would no be salary.
He has to file a return for B & P.
And his salary will be like fixed remuneration.

CA Suresh Choudhary

CA Suresh Choudhary (Expert)
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26 September 2009 agree

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CP Ram

CP Ram (Expert)
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26 September 2009 Share of profit received from partnership firm should be shown as exempt income u/s 10(2A)..

and remuneration received from the partnership firm should be shown as business income....