Mohan (Accounts Mgr) (209 Points)
21 December 2009Hi pl. clarify.... Ours is Pvt Ltd company and claimed Profit received from Partnership Firm Rs.2 lacs at the time of filing of Return as per their Allocation. But after completed their assessment Firm Profit ascertained by the assessing authority Rs.5 lacs of our share. Our pvt ltd company assessment also completed.
So how can i get the Rs.3 lacs of our profit share in the pvt ltd company and in which year i can be get claim and relief?---
Shashi Bhushan
(Learner, Jalandhar)
(996 Points)
Replied 21 December 2009
there is no need for claiming it as exemption. its exempt. it is not added to gross total income. also you can not claim it from any other income.
due to increased profit no extra tax liability will arise on your company.
your return of income will remain unchange so no need of revising it.
do you have any further question??
CAclubindia
