Patner profit
This query is : Resolved
17 May 2016
why profit share in the hands,of partner is exempted under PGBP? What is the exact logic behind it ? plz kindly explain me in details?
Murtaza I Bhagat
(Expert)
17 May 2016
Profit share is exempted because firm has already paid tax on gross profit.when tax already paid why anyone wants to pay tax for second time.
KAVIRAJA ADDANGADI
(Expert)
17 May 2016
profit from firm is share to partner after discharge of tax in the hands of Firm balance is available for appropriation. So share of profit exemption u/s 10(2A). Share of profit already suffered maximum tax so exempt under hand of partner.
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