Reg. distribution of income

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 August 2013 sir, i have a partnership firm and we file sep itax ret in the name of firm. while filing my personel itax ret, can the income share from partnership firm be shown in my income? thank u .kindly reply me.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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09 August 2013 Share in profits of partnership firm is EXEMPT in the hands of the partners.

Only Salary or any other remuneration received from the firm is taxable in the hands of the partners.

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