Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Income Tax Act Section 10(2A): Only Partner's Profit Share is Tax-Exempt; Interest and Remuneration are Taxable.</h1> Section 10(2A) of the Income Tax Act specifies that only the share of profit received by a partner from a firm or LLP is exempt from tax. Interest on capital and remuneration received by a partner are not covered under this exemption and are therefore taxable. The exemption is specifically limited to the share of profit, distinguishing it from other forms of income a partner might receive from their association with the firm or LLP.
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