exempted income of a partner from the firm is called
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As per section 10(2), any partner or partners are not liable to pay tax on income which is exempt in the hands of any partnership firm. Any other funds received by the partner of a partnership firm or LLP other than the share of profits, such as any remuneration or interests, remain taxable.
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Explanation:
As per section 10(2), any partner or partners are not liable to pay tax on income which is exempt in the hands of any partnership firm. Any other funds received by the partner of a partnership firm or LLP other than the share of profits, such as any remuneration or interests, remain taxable.
The firm is taxed at 30 per cent plus surcharge and applicable tax and the partners' profit is also taxed at the same rate. ... However, partners's interest income from capital in account and the remuneration they receive from the company will continue to be taxable according to the provisions of the I-T Act
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