Regarding tax

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Dear Sir/Mam, Sir, if one having partnership firm, his turnover is 86,50,000/- inclusive tax,than what should be the suitable GP and NP percentage?is that necessary to deposit tax in the name of firm or partner can deposit tax in his individual return? Please reply me.M stuck with this query.
Replies (2)

The profits of thje firm is exempt in the hands of the partners under section 10(2A)...when it is taxable in the hands of firm itself.

the firm and the partners need to file seperate returns...

i didnt understand what u said about the GP/NP percentage...please elaborate

Thanks for replying.I am asking about GP NP ratio....

 


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