Computation of Income of Partner of a Firm

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..... al income of firm will be exempt in his hands and will not be included in his total income. His share in the total income of the firm will be calculated as follows:- By virtue of this exemption, a partner of share income in the partnership firm will not be taxed in respect of his share in the firm income since the firm itself will be taxed as a separate entity@30%. there will be no allocation of i .....

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..... that such remuneration or interest which has been disallowed in the hands of the firm but actually received by a partner will be assumed to be his hare in the income of such firm and exemption under section 10(2A) will operate. - Manuals - Ready reckoner - Law and practice - Reference Guide - Quick Commentary Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - T .....

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