Partnership business

This query is : Resolved

shalabh (Querist)
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02 December 2014 r partners separately liable for tax when they have already paid it from their partnership business?? will it nt amt to double taxation if the ans is yes??

Amol S Joglekar

Amol S Joglekar (Expert)
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02 December 2014 Partners are liable to pay tax on the remuneration (interest, salary. commission, bonus etc)
This does not amount to double taxation.

Rupesh Jain

Rupesh Jain (Expert)
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18 December 2014 partner will pay tax on intt on capital, remuneration recd. commission if any from the firm.

on profit firm will pay tax and its tax free in hand of partners.

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