income tax
This query is : Resolved
CA Lokesh Pokharna
(Querist)
22 November 2009
what is treatment of comission recieved from partnership firm. assume assee is individual ........plz tell me whr it is taxble
CA. Rishabh Mittal
(Expert)
22 November 2009
According to me, it should be taxable as Profit & gain from Business & Profession, as such income accrues in normal course of dealing with a seperate assessee being partnership firm. Correct me, if I am wrong .
shakuntala chhangani
(Expert)
23 November 2009
Hi Lokesh, if the assessee(individual) is a commission agent and the commission is received in the normal course of business, then it is income from business and profession. Else it is income from other sources. Regards, CA Shakuntala Chhangani
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