A share of profit received by a partner of a firm/LLP is exempt from tax.
Further, the exemption is limited only to share of profit and does not apply to interest on capital and remuneration received by the partner from the firm/LLP.
Please mark your satisfactory level...
My Dear ,
I thank you for marking the answer as satisfactory.
I have noted.
It will be very nice and helpful to our other members (and the answerer too) if you mark your satisfaction level on the grade scale below.
Please feel free to mark any point. I don't share it with anyone. I use it for doing my internal calculations only. I use these calculations to evaluate the service performance of the relevant virtuoso.
Here is the grade scale:
Anu, Thakurani's bestie