Loss from partnership firm
This query is : Resolved
26 June 2013
A company, which is also a partner in a partnership firm has the following incomes :
(a) Income fm Interest Rs 60000/-
(b) Income fm Partnership Firm Rs (-) 20000/-
Now while calculating the tax, tax would be calculated on Rs 60000/- or net Rs 40000/-?
(a) Income fm Interest Rs 60000/-
(b) Income fm Partnership Firm Rs (-) 20000/-
Now while calculating the tax, tax would be calculated on Rs 60000/- or net Rs 40000/-?
26 June 2013
Any income from partnership firm is exempted and as per definition profit includes loss
so income of company is 60000.
so income of company is 60000.
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