Itr 4 + deductions

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 July 2014 Hello there,

I am working as a IT freelancer for many years and I paid returns under ITR4 for last 2-3 years.

This year (2013 Apr- 2014 Mar) I have created an llp entity with 2 other partners and invested around 2.8lacs. But I havent got a single penny return on investments because it a very new business. All the other incomes I have received only through the freelancing I've been doing.

How should I show these investments and how should it be done. Same like previous years or via any other way?

Please help

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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21 July 2014 u need to show it in professional income only and show assets and liabilities of llp and file itr4.

Querist : Anonymous

Querist : Anonymous (Querist)

23 July 2014 Thanks Tushar for the reply.

You mean that investment should be reflected in my PERSONAL itr PL sheet? If yes, where?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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23 July 2014 u need to show it in bal sheet all your investments or capital as the case may be.

Querist : Anonymous

Querist : Anonymous (Querist)

23 July 2014 Just came from a CA and she said I need to fill the ITR with company's ITR. i.e before 30 september not 31st july. She said both the books will be counted for p&l (my freelancing as well as the company's). Then only I can file the ITR. So the date is not 31st July for me..It will be before 30th september.

This is not easy for me to digest. She is a new CA so kind of not easy for me.

Please advise.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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23 July 2014 yes as ur partnership firm u need to file by 30.9.2014 as its llp which is taken as partnership firm

Querist : Anonymous

Querist : Anonymous (Querist)

24 July 2014 Thankyou Tushar for all the help and advice

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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24 July 2014 you are welcome friend............................