Total income for the assessment year
In which head commission from partnership firm taxable?
Replies (11)
Quick Summary
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.
@ Anju Sharma,
Are you a partner ?
Are you a partner ?
Yes
By the way my name is Anuj 😅
By the way my name is Anuj 😅
It will be considered as PGBP.
@ Anuj Sharma,
It is taxable under business income.
Thanks for reminding your name 🤣
It is taxable under business income.
Thanks for reminding your name 🤣
Sec 194H INCOME FROM OTHER SOURCES. IN ITR 2 THERE IS A SEPERATE BIFURCATION.
For partner of a partnership firm ITR-3 is applicable
It is taxable under business income.
Hey Anuj, as per section 28(v) of the income tax act, 1961, any income received from partnership firm shall be taxable as PGBP.
Since the querist has not mentioned anything explicitly we are making presumptions.
That partner is a employee of a company..
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