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Income tax on income from salary, sole proprietary and LLP

Tax queries 152 views 3 replies

sumit jain

1 Points Joined May 2021

I am a salried person at a stock broking firm, I do offer research to other firm for which I charge fee( my employer have no objection ),

Also I am a partner in two LLP engaged in research in share market.

How do my tax will be calculated. In LLP we follow presumptive tax calculation.

Replies (3)

CA. Sourav Sarkar

Chartered Accountant

24588 Points Joined November 2019

Tax will be calculated on the basis of your salary income and also tax on professional income also be calculated on the basis of book profits

ayusmita

Tax consultant

5895 Points Joined September 2020

Taking consideration to all your income in form of salary, commission,from research work,from LLP and other sources of income also

CA Raj Doshi

Practising CA

8944 Points Joined December 2013

LLP is no more covered under presumptive taxation w.e.f FY 2021-22. Salary Income is taxable under the head salary. Freelance Research income is taxable under the head business/profession or income from other sources depending on quantum of income as well as expense. Only the Remuneration and interest on capital from the LLP shall add to your income in the personal tax return. Share of profit from LLP is exempt.

Regards
CA. Raj Doshi
www.rcdco.in