Total income for the assessment year
Anuj Sharma (115 Points)
01 October 2022
In which head commission from partnership firm taxable?
11 Replies
Kev Men
(788 Points)
Replied 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.
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 01 October 2022
@ Anju Sharma,
Are you a partner ?
Are you a partner ?
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 01 October 2022
@ Anuj Sharma,
It is taxable under business income.
Thanks for reminding your name 🤣
It is taxable under business income.
Thanks for reminding your name 🤣
sabyasachi mukherjee
(27579 Points)
Replied 02 October 2022
Sec 194H INCOME FROM OTHER SOURCES. IN ITR 2 THERE IS A SEPERATE BIFURCATION.
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 02 October 2022
For partner of a partnership firm ITR-3 is applicable
Suman Rawat
(10 Points)
Replied 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.
sabyasachi mukherjee
(27579 Points)
Replied 03 October 2022
Since the querist has not mentioned anything explicitly we are making presumptions.
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