Doubt chargeable under which head
manju nath (3 Points)
26 July 2021
If I am getting Remuneration or salary from partnership firm whether it is chargeable under which head of income.
4 Replies
Sourav
(Student)
(24028 Points)
Replied 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.
Nidhi
(Chief Accountant)
(3140 Points)
Replied 29 July 2021
Taxable under head " Profits & Gains from business or profession "
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