Partners salary income comes under which head
This query is : Resolved
01 August 2012
Please help me. If a Partner getting salary from his own partnership firm then under which head of income the partner will show his income from salary from his partnership firm?
Unnikrishnan
(Expert)
01 August 2012
Sir,
any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by, a partner of a firm from such firm is taxable under the head "profits and gains of busines sor profession" by virtue of Section 28 of the Income Tax Act
any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by, a partner of a firm from such firm is taxable under the head "profits and gains of busines sor profession" by virtue of Section 28 of the Income Tax Act
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