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Exemption under Section 10 (2A) on profit received by a partner from a firm If you are a partner in a partnership firm or in an LLP (Limited Liability Partnership), the share of profit which you receive from the firm or LLP would be exempted from tax. This exemption would be allowed ...
[1]The meaning of financial institution is to be taken from section 45-I(c) of RBI Act, 1934. [2]See a few advance rulings on the subject byWest Bengal AAR,Tamil Nadu AAR. Also see a few articles on the subject:https://www.livelaw.in/law-firms/law-firm-articles-/input-tax-cred...
The Income Tax Notice, a notification from IT department is regarding inconsistency between salary income and Form 26AS in ITR. The breakup of salary in ITR2 is not shown properly. You can disagree and give the reason as missing HRA /Professional Tax.We would recommend agreeing as the problem...