https://www.taxtmi.com/manuals?id=4534 Partners' share of the total income of the firm is exempt in the partner's hands because the firm is taxed as a separate entity; partners cannot set off their share of firm losses against personal income. Remuneration and interest paid to partners are taxable in the partner's hands if paid under the prescribed deductibility conditions, but if such amounts are disallowed in the firm's assessment the firm bears tax and the exemption for partners' share will operate regarding amounts actually received by the partner. en-us Mon, 06 May 2024 15:21:00 +0530 Mon, 06 May 2024 16:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/manuals?id=4534 Partners' share of the total income of the firm is exempt in the partner's hands because the firm is taxed as a separate entity; partners cannot set off their share of firm losses against personal income. Remuneration and interest paid to partners are taxable in the partner's hands if paid under the prescribed deductibility conditions, but if such amounts are disallowed in the firm's assessment the firm bears tax and the exemption for partners' share will operate regarding amounts actually received by the partner. Manuals Income Tax Mon, 06 May 2024 15:21:00 +0530 https://www.taxtmi.com/manuals?id=4534