Somsuvra Mukherjee (Advocate & Tax Consultants) (28 Points)
16 October 2014An assessee being a partner in a Firm have drawn salary (not share) from the firm and at the same time is also running a proprietorship business in which he is the proprietor. Which ITR Form he should file his Return of Income ?
Thanks in Advance for your expert replies.
Deepak Gupta
(CA Student)
(15922 Points)
Replied 17 October 2014
| Originally posted by : Somsuvra Mukherjee | ||
 |
An assessee being a partner in a Firm have drawn salary (not share) from the firm and at the same time is also running a proprietorship business in which he is the proprietor. Which ITR Form he should file his Return of Income ? Thanks in Advance for your expert replies. |
 |
-> ITR-4 shall be filed.
.
-> Income earned by the assessee by way of salary, commission, bonus, interest, etc. from partnership firm, which has not been included in the P&L A/c of the proprietary business, needs to be disclosed in item No. A23 in Schedule BP.
.
-> Fill partnership details in Schedule IF.
satyashi
(Student C.A. final)
(212 Points)
Replied 17 October 2014
Dear Som,
It has to be ITR-4 as ITR-3 is for the individuals/HUFS being partners in a firm and not carrying any other properitorship business, and other detaills has already been conveyed through Deepak's Reply.
SURESH KUMAR NAGUBANDI
(CA-FINAL NEW OURSE)
(55 Points)
Replied 18 October 2014
Somsuvra Mukherjee
(Advocate & Tax Consultants)
(28 Points)
Replied 18 October 2014
Thank you mates for all of your valuable replies especially of Deepak Gupta and Thanks a lot to all other for confirming the same...
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
