Question

Section 10 2a states that the share of profit received by a partner from firm is exempt from tax in the hands of the partner. This is because

Answer 1

Answer:

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.