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TMI BlogNeed expert advice pleaseX X X X Extracts X X X X X X X X Extracts X X X X ..... Need expert advice please X X X X Extracts X X X X X X X X Extracts X X X X ..... port of service and now we are having some doubts regarding the income tax. We (4 partners) are dividing the total net income after deducting all the expenses of company and the company is paying the income tax for this net income too. We are dividing the amount equally from that net income and the income tax for that already paid by the company. So, should be again pay personal income tax for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amount we are dividing? For example; If the companies turnover = 30 Lakh Company expense = 10 Lakh ---------------------------------- Net profit = 20 lakh We are paying company income tax for this net income 20 Lakh and after that dividing it equally as 4 shares (20/4=5 Lakh). So, 5 Lakh is our individual income and should we pay the income tax again for this personal income? Reply By ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... MUKUND THAKKAR:
The Reply:
need not to pay individually, once income comes to you after paying the income tax. you just shown in individual return.
Reply By DEEPAK BISSA:
The Reply:
hi,
Profit received from partnership firm exempt u/s 10(2A) of IT Act 1961. So there is not income tax paid.
Sushil Gupta
LLB Income Tax X X X X Extracts X X X X X X X X Extracts X X X X
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