Annual return of Eating House

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Raj (Querist)
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23 May 2008 Sir,

I am running 1 eating house on annual rent, my 1st query is whether i have to fill my personal return.2nd whether i have to fill return for eating house.

Raj

Shyam Lal Naik

Shyam Lal Naik (Expert)
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23 May 2008 It is presumed that you are running a business(eating house). The premises is taken on rent(annual rent). You are the sole owner of the business. You have queried about Income-tax Return.

You will have to file only one return(your personal return)after incorporating Profit/Loss from your business(eating house).

Raj

Raj (Querist)
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23 May 2008 Sir,
the license owner of the eating house is different, i have taken that license on rent.

Raj

CA. Yayati Tyagi

CA. Yayati Tyagi (Expert)
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23 May 2008 it looks that u are running ur business in individual capacity, means not as partnership or company. in that case, if your total income (including profit from this eating house) exceeds maximun exemption limit,(for a.y. 2008-09 1.10 lacs) u have to file ur return as individual.

license taken on rent does not make any difference except that u can claim this rent as business expenditure.

Raj

Raj (Querist)
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24 May 2008 thanks

CA. Yayati Tyagi

CA. Yayati Tyagi (Expert)
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03 June 2008 replied

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