Taxability of firms

Unnikrishnan B (Branch Manager) (740 Points)

30 March 2014  

Sir,

    if a partnership firm makes net profit and the same net profit is trasnferred to partners capital account without paying income tax for the profit is valid or paying lesser income tax in relation to the same net  profit is valid and section 10(2A) is applicable for the same profit

also enlighten me  if the tax amount is calculated 30% on the same net profit and deducting the same to be transferred to partners capital

actually i am little confused