Partners aren’t liable to pay tax on income which is exempt in hands of firm; CBDT clarifies
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The document clarifies the interpretation of Section 10(2A) of the Income Tax Act regarding the share of profits allocated to partners of a firm where the firm's income is exempt. It states that the total income of a firm under Section 10(2A) includes income that is exempt or deductible under the Act. The entire profit credited to partners' accounts would be exempt from tax for the partners, even if the taxable income of the firm is zero due to exemptions or deductions. This circular is intended to clarify that the income of a firm is taxed only at the firm level and not in the hands of individual partners.
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![SECTION 10(2A) OF THE INCOME-TAX ACT, 1961 - FIRM -
SHARE OF PROFITS TO PARTNER OF FIRM - CLARIFICATION
ON INTERPRETATION OF PROVISIONS OF SECTION 10(2A) IN
CASES WHERE INCOME OF FIRM IS EXEMPT
CIRCULAR NO. 8/2014 [F.NO.173/99/2013-ITA-I], DATED 31-3-
2014
A reference has been received in the Board in connection with the
interpretation of provisions of section 10(2A) of the Income tax Act,
1961 ('Act') seeking clarification as to what will be the amount
exempt in the hands of the partners of a partnership firm in cases
where the firm has claimed exemption/deduction under Chapter III
or VI A of tire Act.
2. The matter has been examined. Sub section (2A) of section 10
was inserted by the Finance Act, 1992 w.e.f. 1-4-1993 due to a
change in the scheme of taxation of partnership firms. Since
assessment year 1993-94, a firm is assessed as such and is liable
to pay tax on its total income. A partner is not liable to tax once
again on his share in the said total income.
3. It is clarified that 'total income' of the firm for sub section (2A) of
section 10 of the Act, as interpreted contextually, includes income
which is exempt or deductible under various provisions of the Act.
It is, therefore, further clarified that the income of a firm is to be
taxed in the hands of the firm only and the same can under no
circumstances be taxed in the hands of its partners. Accordingly,
the entire profit credited to the partners' accounts in the firm would
be exempt from tax in the hands of such partners, even if the
income chargeable to tax becomes NIL in the hands of the firm on
account of any exemption or deduction as per the provisions of the
Act.
4. This may be brought to the notice of all concerned.](https://image.slidesharecdn.com/section10-140407125337-phpapp02/85/Partners-aren-t-liable-to-pay-tax-on-income-which-is-exempt-in-hands-of-firm-CBDT-clarifies-1-320.jpg)
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3) Additional revisions facilitate relieving economic double taxation in transfer pricing cases and allow domestic laws against tax avoidance.
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The document discusses Minimum Alternate Tax (MAT) under Section 115JB of the Income Tax Act, 1961. It was introduced to tax "zero tax companies" that showed profits but paid no tax. MAT is calculated at 18.5% of book profits, which are adjusted net profits as per financial statements. Various additions and deductions are prescribed to calculate book profits for MAT. The document explains the objective, history, charging section, applicability, computation of book profits, and adjustments in detail over multiple pages.
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The document provides amendments to IFRS 11 Joint Arrangements regarding accounting for acquisitions of interests in joint operations. Specifically, it adds guidance that when an entity acquires an interest in a joint operation that constitutes a business under IFRS 3, it shall apply the principles of business combination accounting in IFRS 3 and other IFRSs that do not conflict with IFRS 11. It also provides an effective date for these amendments and transition requirements.
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The document summarizes changes made to tax deducted at source (TDS) provisions by the Finance Act of 2020. Several existing sections related to TDS were amended and new sections for TDS on various types of payments were introduced. Key changes include amendments to TDS for dividends, interest, technical services fees, and mutual fund income. New sections introduce TDS for cash withdrawals, business trust unit income, and e-commerce participant payments. The changes are effective from financial years 2020-21 onward.
Cochin_15032019.pptx
The document summarizes recent amendments made to the Companies Act 2013 regarding various compliance requirements for companies. Key points include:
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- Introduction of rules for filing commencment of business declaration using Form INC-20A within 180 days of incorporation or face penalties.
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The document summarizes important amendments made to Pakistan's Income Tax Ordinance through the Finance Act of 2012. Key points include:
1) Increasing the basic tax threshold and revising tax slabs for salaried individuals.
2) Withdrawing tax exemption on capital gains from property held less than two years and introducing a 0.5% advance tax on property sales.
3) Providing commercial importers, traders, and exporters the option to be taxed on net income under normal law instead of presumptive tax, subject to minimum tax liabilities.
4) Introducing various tax credits to encourage investment in shares, insurance, industry, and corporate agriculture.
Budget 2017: Clause by clause analysis of amendments to direct tax laws - V. ...
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ASSOCHAM - Seminar on TDS - Part II Non-residents
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Taxmann's Daily Tax Digest | 24th July 2020
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Depreciation
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Direct Taxes in India
TaxAlerts cover significant
tax news, developments and
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act as technical summaries . For more information,
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Direct Taxes in India | EY India
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SP Nagrath & Co's Missive for April 2014
Here we are with the Thirty fifth successive issue of our monthly ‘Missive’.
We trust you will enjoy reading this Missive, even while soaking in the contents. We would very much appreciate your feedback which consistently helps us in improving and upgrading the contents.
Thanks and regards,
Knowledge Management Team
Taxation of dividend
- Dividend income received by shareholders is now taxable in their hands at normal tax rates instead of being exempt as was the case earlier.
- Deduction of up to 20% of dividend income is allowed for interest expenses incurred to earn the dividend income. No other expenses are deductible.
- For companies receiving dividends, a deduction under section 80M is available if the dividend amount is distributed to shareholders one month before the income tax return filing date.
December 2016 newsletter
This newsletter summarizes recent Indian tax law updates from December 2016. Key points include:
- Premiums paid on keyman insurance for partners are deductible business expenses.
- PAN is now mandatory for cash deposits over Rs. 50,000 per day or Rs. 250,000 total by December 31, 2016.
- The upcoming Union Budget will be presented on February 1.
- The highest tax depreciation rate is now capped at 40% for all assets.
- Amendments were introduced to tax undisclosed cash deposits post demonetization.
- Recent court cases addressed issues like interest under section 234C and defects in tax applications.
- International tax agreements were updated or signed with countries like
Prosecution proceedings under the Income tax Act: What lies ahead for foreign...
Prosecution proceedings under the Income tax Act: What lies ahead for foreign...Sandeep Jhunjhunwala
The document discusses amendments made by the Finance Act of 2018 regarding prosecution proceedings for companies that fail to file income tax returns. Specifically, it was previously exempt if tax payable was under Rs. 3,000, but this exemption no longer applies to companies. This means companies could face prosecution even if tax payable is under Rs. 3,000. This may apply to foreign companies receiving income in India. While the intent was to target shell companies, the law does not clearly reflect this and prosecution could be initiated against any company not filing returns. There are concerns this may deter business and that prosecution should only apply to serious/habitual cases of tax avoidance.Union budget 2021 22 highlights key tax and financial proposals
our comprehensive presentation covering the key tax as well as financial proposals discussed during the Union Budget 2021-22 speech, which was delivered by Finance Minister Nirmala Sitharaman.
With plenty of hype surrounding the Budget owed to its arrival at a time when the country is reeling from a pandemic and an economic slowdown, the Budget covered various proposals which were centered around reducing the period of reopening of tax assessments, giving tax relief on certain fronts, streamlining tax litigation, corporate law, GST & other indirect taxes, and increasing the ease of doing business.
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Sukanya samriddhi account opening form for banks
This document is an application form to open a Sukanya Samriddhi Account, a savings scheme for a girl child's education and marriage expenses. It provides details about the applicant such as name, date of birth, birth certificate and ID details of the parent or guardian operating the account. The applicant declares they have not opened another account under this scheme for the girl child elsewhere and undertakes to abide by the rules of the Sukanya Samriddhi Account scheme. The post office or bank will open the account with the initial deposit provided.
Icici pru smart life
This document summarizes an insurance policy that allows policyholders to bear the investment risk of the investment portfolio. It offers a savings and protection plan with multiple investment choices and life insurance coverage to protect goals in case of death. The key points are:
- The policyholder bears the investment risk of the investment portfolio, which consists of various funds across risk levels.
- Policyholders cannot withdraw or surrender their investment for the first 5 years.
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Increase in pf contribution
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The Reserve Bank of India issued guidelines to banks regarding penal charges for non-maintenance of minimum balances in savings bank accounts. The guidelines state that banks must notify customers via SMS, email or letter if their balance falls below the minimum requirement and allow at least one month to restore it before imposing charges. If the minimum balance is still not restored after one month, banks may recover charges proportionate to the shortfall amount as a percentage of the difference between actual and minimum balances. Banks must ensure charges are reasonable and do not cause the account balance to fall below zero.
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- Adding language to tax audit report forms (3CA, 3CB, 3CD) to note any observations or qualifications to the accuracy of reported particulars.
- Expanding details required in various sections of Form 3CD related to deductions claimed, indirect taxes paid, loans/deposits, tax withholding, distributed profits tax, and audit reports from other regulatory bodies.
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Changes made by finance bill, 2014 as passed by the lok sabha
The document summarizes key changes made by the Finance (No. 2) Bill passed by the Lok Sabha regarding taxation. Some key points:
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Faq on income tax return
This document provides answers to frequently asked questions (FAQs) about filing income tax returns in India for the assessment year 2014-15. Some key points covered include:
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- There are various forms (ITR-1 through ITR-7) that can be used depending on an individual's sources of income.
- The due date to file returns is generally July 31st or September 30th depending on the assessee.
- E-filing of returns is now mandatory for most assessees. Returns can be filed electronically using the income tax e-filing portal.
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The document provides information on the different income tax return forms that can be used in India for the 2014-15 assessment year. It lists the seven forms (ITR-1 through ITR-7), describes who can use each form and who cannot based on the type of income. It also discusses how the returns can be filed - either on paper, electronically with digital signature, or by transmitting the data electronically and submitting a verification form. Returns with total income over 500,000 rupees or claiming foreign tax credit must be filed electronically.
New form 49 a and form 49aa
CBDT (Central Board of Direct Taxes) has amended the rules pertaining to application of new pan card issued in its notification no. 96 dated December, 23 2013 regarding new format of PAN application; annexure A, B and C for form 49A and annexure 1 for form 49AA. There is a new list of documents required to apply new pan or amend pan card has been notified . Aadhar card has also been added as ID as well as residential address proof for PAN application purpose.
How to Correct your etds return online on tdscpc.gov.in-traces website
The document provides step-by-step instructions for submitting online correction requests and making corrections to PAN and challan details through the TRACES portal. Key steps include logging in, selecting the correction request option, entering details of the statement to correct, editing invalid or valid PAN details, editing matched or unmatched challan details, viewing a summary of changes, digitally signing and submitting the correction request for processing. Help icons are available at each step to provide additional guidance.
How to transfer your EPF money online
EPFO launched the Online Transfer Claim Portal (OTCP) to ensure timely transfer of EPF money. With this you can get your money transferred from one account to another online.
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TRACES (TDS-CPC) has enabled filing Form 26B for online request for refund of excess TDS deposited. This was the much awaited and highly anticipated change.
Corporate social responsibility under companies bill 2012
The document discusses corporate social responsibility (CSR) provisions under the Companies Bill 2012 in India. Key points:
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- It estimates total annual CSR spending by all companies could be around Rs. 18,000 crore. Top 100 companies may contribute Rs. 5,611 crore annually.
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Penalties under indian companies act
This document outlines penalties under the Indian Companies Act for various offenses. It provides a table with 34 sections listing the nature of the offense, applicable penalty, and persons held responsible. Penalties include fines from Rs. 500 to Rs. 50,000 per day and imprisonment up to 5 years for offenses such as failing to hold annual general meetings, not filing annual accounts, improper financial reporting, accepting deposits over limits, and prospectus violations. The document emphasizes that knowledge of company law and potential penalties is essential for company directors and officers to avoid legal issues arising from non-compliance.
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General income tax returns filing mistakes
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Partners aren’t liable to pay tax on income which is exempt in hands of firm; CBDT clarifies
- 1. SECTION 10(2A) OF THE INCOME-TAX ACT, 1961 - FIRM - SHARE OF PROFITS TO PARTNER OF FIRM - CLARIFICATION ON INTERPRETATION OF PROVISIONS OF SECTION 10(2A) IN CASES WHERE INCOME OF FIRM IS EXEMPT CIRCULAR NO. 8/2014 [F.NO.173/99/2013-ITA-I], DATED 31-3- 2014 A reference has been received in the Board in connection with the interpretation of provisions of section 10(2A) of the Income tax Act, 1961 ('Act') seeking clarification as to what will be the amount exempt in the hands of the partners of a partnership firm in cases where the firm has claimed exemption/deduction under Chapter III or VI A of tire Act. 2. The matter has been examined. Sub section (2A) of section 10 was inserted by the Finance Act, 1992 w.e.f. 1-4-1993 due to a change in the scheme of taxation of partnership firms. Since assessment year 1993-94, a firm is assessed as such and is liable to pay tax on its total income. A partner is not liable to tax once again on his share in the said total income. 3. It is clarified that 'total income' of the firm for sub section (2A) of section 10 of the Act, as interpreted contextually, includes income which is exempt or deductible under various provisions of the Act. It is, therefore, further clarified that the income of a firm is to be taxed in the hands of the firm only and the same can under no circumstances be taxed in the hands of its partners. Accordingly, the entire profit credited to the partners' accounts in the firm would be exempt from tax in the hands of such partners, even if the income chargeable to tax becomes NIL in the hands of the firm on account of any exemption or deduction as per the provisions of the Act. 4. This may be brought to the notice of all concerned.