Please explain whether passive income is taxable or not.
sakshiguptaTeacher
Asked: 2022-08-17T11:14:31+05:30
2022-08-17T11:14:31+05:30In: Financial Assistance
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Earnings from a rental property, a limited partnership, or any other business in which a person is not actively involved are considered passive income. Passive income is typically taxable.
Interest and dividends would be seen as passive income because some analysts classify portfolio income as such. Earning and maintaining passive income involves little to no work. When an earner makes little effort to generate revenue, it is referred to as progressive passive income.
An investor’s life will be made easier by a passive income investment in a number of ways, particularly if a hands-off strategy is employed.
You can earn a passive income with ULIPINDIA.COM’s affiliate program. You can join ULIPINDIA.COM as an AMP (Affiliate Marketing Person) or NAMP (Network Affiliate Marketing Person).
The short answer is: Yes.
The long answer is: Yes but also no.
First, you have to understand what passive income is. Any income that’s earned without active participation or involvement is termed as passive income. Like income earned through rental properties, freelancing, mutual funds, high-interest rate savings accounts, lending money to p-2-p ( peer to peer ) lending platforms, etc.
Some of these are exempted from taxes like any interest earned on NRE ( Non-Resident Exempt ) accounts is 100% tax-free, the profit earned by partnership firms when paid to the partners as shared profits is exempted from tax in the hands of the partner, etc. But some of these are exempted till a limit. For example, interest on savings bank accounts up to Rs. 10,000/- is not taxable.
There are some exemptions or deductions for passive income earners like income earned from rent, property taxes, dividends from mutual funds, and shares from an LLP or partnership firm.
But if you have some questions related to exemptions or deductions, then it’s better to consult a qualified CA.
If you are looking for the best passive income source you can visit ULIP INDIA. There are a number of products available on the ULIP site from which you can start affiliate marketing.
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