Filing of income tax
This query is : Resolved
29 November 2013
Dear Sir,
If i am partner in partnership Firm, firm earns profit in the year end, and i get my profit as per profit sharing ratio.
My question is, company will pay income tax on profit, but should i also pay income tax on my share of profit in my personal return
If i am partner in partnership Firm, firm earns profit in the year end, and i get my profit as per profit sharing ratio.
My question is, company will pay income tax on profit, but should i also pay income tax on my share of profit in my personal return
29 November 2013
Share of profit received from Partnership firm is wholly exempt (i.e. not taxable) in the hands of Partner.
hence you don't require to pay tax on share of profit as partnership firm have already paid tax on that amount.
hence you don't require to pay tax on share of profit as partnership firm have already paid tax on that amount.
09 December 2013
thank you very much sir
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Payment of bonus act - notice pay recovery
- MIS MATCH OF INVOICE NUMBER
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
