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Income Tax Exemption under Section 10(2A) of Income Tax Act, 1961

 

Eligible Assessee

Partner of the firm
Share of profit in total income of the firm

 

Amount Exempt

Entire amount

 

 

 

Conditions laid down for Tax Exemption

  1. The firm is separately assessed to tax as such

  2. The amount exempt would be such which bears the same ratio of total income of the firm, as the amount of his share in the profit of the firm as per partnership deed

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