Can the income of remuneration, commission and bonus received from a partnership firm by a partner be taxed as income from 'Salary'?
No. It has to be treated as and
taxed as income from Business and Profession, as a partner is not an employee,
but a part-owner and a shareholder in the profits and losses of the business.
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What are the different types of income that qualify as Salary under the Income Tax Act?
As a salaried person, you may be getting income in many forms. For the purpose of tax, the incomes that qualify as Salary are listed below: Salary: This is generally a monthly remuneration extended by the employer to the employee in exchange for the ...
In the hospitality and entertainment Industry, customers often pay tips to waiters and artistes who often are employees of a certain organisation. Is this income by way of tips taxed as income from ‘Salary’?
No, since the basic ingredients of employer-employee relationships are missing in this scenario. The income from tips is not to be taxed as income from Salary but is to be taxed as income from other sources. However, if these tips are paid by an ...
My spouse and I jointly own a house in which both of us have invested equally from individual and independent sources. Can we split the rental income received between the two of us to be taxed in individual hands?
Yes, Rental Income received by each co-owner can be taxed proportionately and taxed in the hands of both independently as per your share in the said property.
I am an employee of the Central/State Government in India. I am deployed on official duties outside India. Is my Salary paid to me in India taxable as income from Salary?
Yes, the salary received would be taxable in India. If a citizen of India renders services outside India, and receives salary from the Government of India, it would be taxed in the same manner as Salary accrued in India. (Sec. 15 & 9, Income Tax Act)
The income received by me from my employer does not fit into any of the items specified in Section 15 and 17 of the IT Act. In that case, is my income still taxable as Salary income?
Section 15 of the Income Tax Act contains all the conditions in which the income received or accrued can be classified under ‘Salary’ for tax treatment. It also tells us how the tax thereon should be paid. Section 17 defines what incomes will be ...