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Doubt chargeable under which head
If I am getting Remuneration or salary from partnership firm whether it is chargeable under which head of income.
Replies (4)
Remuneration and interest received by partner from firm is taxable as Business income. However, share of profits from firm is not taxable in the hands of partner. Hence, if partner is receiving only exempt income i.e. share of profits from firm, then also he is required to file ITR-3 only.
Profits & gains from business or profession
Taxable in The PGBP head
Taxable under head " Profits & Gains from business or profession "
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