1) IS THE INTEREST & SALARY RECEIVED FROM FIRM WOULD BE TREATED AS INCOME FROM BUSINESS & PROFESSION OF PARTNER ?
2) THE PROFIT'S PERCENTAGE RECEIVED FROM FIRM IS TAXABLE OR NOT?
3 Replies
Pankaj Arora
(Learner)
(3134 Points)
Replied 04 February 2011
1. It will come under Salary head
2. Its not taxable.
Dheeraj
(Learner)
(1100 Points)
Replied 04 February 2011
the income, which is chargeable in the hands of partners, not taxable in the hands of partnership firm and Vice-Versa
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