TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Manuals
of of All Manuals
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Partner's Firm Income Exempt Under Sec 10(2A); Remuneration & Interest Taxable Under Sec 40(b) as Business Income.</h1> When computing a partner's income in a partnership firm or LLP, their share of the firm's income is exempt under section 10(2A) and not included in their total income, as the firm is taxed separately at 30%. Consequently, partners cannot offset their share of the firm's losses against personal income. Remuneration and interest received by partners are taxable under section 40(b) as business income. If such payments are disallowed in the firm's assessment, the partner is not taxed on the disallowed amount, as the firm is responsible for the tax. Disallowed remuneration or interest is treated as part of the partner's share in the firm.
TaxTMI 
TaxTMI 
