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.
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).
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.
CAclubindia
