The salary, remuneration or compensation received by the partners is taxable under the head _______________. a. Income from Other Sources b. Income from Business c. Salary d. None of the above
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Answer:
income from business
Explanation:
THE SALARY, REMUNERATION OR COMPENSATION RECEIVER BY THE PARTNERS IS TAXABLE UNDER THE HEAD INCOME FOR BUSINESS.
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The correct answer is OPTION B: Income from Business.
- Business income is taxed similarly to other types of income.
- Any revenue generated by the running of legal practice is included.
- It is a company's net profit or loss, calculated by subtracting total revenue from operational expenses.
- In taxation, the term "business income" is widely used.
- Business income is defined by the IRS as income earned through the sale of goods or services, such as fees received by a person from the regular practice of a profession rents received by a person in the real estate industry.
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