Total income for the assessment year

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115 Points Posted on 01 October 2022
In which head commission from partnership firm taxable?
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On 01 October 2022 at 13:49 Report
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Quick Summary
This discussion clarifies how commission earned from a partnership firm is taxed. Generally, if it's a regular income source, it falls under Profits and Gains from Business or Profession (PGBP). For one-off transactions, it might be taxed under Income from Other Sources (IFOS). For partners, it's typically considered business income and taxable under PGBP, especially when using ITR-3.

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790 Points Posted on 01 October 2022
If 'commission' is your routine source of income, then taxable under PGBP. If it is a one-off transaction where you earned commission, then taxable under IFOS.
1 Reply
On 01 October 2022 at 14:08
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CFO- at NHTF
58280 Points Posted on 01 October 2022
@ Anju Sharma,

Are you a partner ?
4 Reply
On 01 October 2022 at 14:53
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115 Points Posted on 01 October 2022
Yes

By the way my name is Anuj 😅
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On 01 October 2022 at 14:56
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790 Points Posted on 01 October 2022
It will be considered as PGBP.
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On 01 October 2022 at 14:57
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CFO- at NHTF
58280 Points Posted on 01 October 2022
@ Anuj Sharma,

It is taxable under business income.

Thanks for reminding your name 🤣
4 Reply
On 01 October 2022 at 14:59
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Profession Business
28246 Points Posted on 02 October 2022
Sec 194H INCOME FROM OTHER SOURCES. IN ITR 2 THERE IS A SEPERATE BIFURCATION.
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On 02 October 2022 at 10:04
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CFO- at NHTF
58280 Points Posted on 02 October 2022
For partner of a partnership firm ITR-3 is applicable
4 Reply
On 02 October 2022 at 10:44
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Chief Accountant
3150 Points Posted on 02 October 2022
It is taxable under business income.
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On 02 October 2022 at 13:39
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10 Points Posted on 02 October 2022
Hey Anuj, as per section 28(v) of the income tax act, 1961, any income received from partnership firm shall be taxable as PGBP.
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On 02 October 2022 at 17:03
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Profession Business
28246 Points Posted on 03 October 2022
Since the querist has not mentioned anything explicitly we are making presumptions.
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On 03 October 2022 at 09:43
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115 Points Posted on 03 October 2022
That partner is a employee of a company..
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On 03 October 2022 at 10:20

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