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manju nath   26 July 2021

Doubt chargeable under which head

If I am getting Remuneration or salary from partnership firm whether it is chargeable under which head of income.


 4 Replies

Sourav

Sourav (Student)     26 July 2021

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.
madhura

madhura (dombivli)     26 July 2021

Profits & gains from business or profession
Harsh Khemchandani

Harsh Khemchandani   27 July 2021

Taxable in The PGBP head
Nidhi

Nidhi (Chief Accountant)     29 July 2021

Taxable under head " Profits & Gains from business or profession "

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