Credit in partners accounts considered as income in firm' s assessment , returned and taxed accordinglyin firm's case. Whether the AO can tax the same amount in the hands of the partner. ?
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Credit in partners account considered in firms hands as income -is it again taxable in partner's han
Replies (5)
NO, once profit has been taxed in the hands of firm ...it wil be exempted in the hands of partners u/s 10(2A)
what is capital credits.Is it taxable?
Capital credits are not taxable ....if tax is already paid by partner on such income which he is introducing in the firm as capital contribution...it is just a part of capital contribution in the firm ...but interest earned on such capital is taxable by virtue of section 28(iv) of the Act under the head profit and loss from business profession..
Thanks a lot Sir
You are most welcome dear
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