Share in the profits of the firm is taxable in the hands of partner under the head
A partner's share in the profits of a firm is exempt from tax in the partner's hands under the Income-tax Act, 2025, and is therefore not chargeable under Income from other…
Choose your answer
Share in the profits of the firm is taxable in the hands of partner under the head
Answer and explanation
Correct answer A
A partner's share in the profits of a firm is exempt from tax in the partner's hands under the Income-tax Act, 2025, and is therefore not chargeable under Income from other sources, Profits and gains of business or profession, or Salaries.
Practice for these exams
-
Karnataka SET (KSET)