Income tax on income from salary, sole proprietary and LLP

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)
Quick Summary
This discussion clarifies how income tax is calculated for individuals with multiple income streams. It covers taxation on salary, freelance research income (which can be treated as business income or other sources), and income from LLPs. Importantly, it notes that LLPs are no longer covered under presumptive taxation from FY 2021-22, and only remuneration and interest on capital from an LLP are taxable in your personal return, while profit shares are exempt.

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

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