Description of business income

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 September 2013 IN AY 13-14 THERE IS REQUIREMENT IF YOUR BUSINESS INCOME IS MORE THANE 25 LACS THEN PERSONAL ASSETS DETAIL TO BE FILE WITH INCOME TAX RETURN

BUT HERE MY QUERY IS I AM PARTNER IN FIRM AND I HAVE RECEIVED RS 5 LACS FIXED REMUNERATION AND 22 LAC SHARE OF PROFIT TAX FREE( I.E. TAX PAID BY FIRM ) NOW I WANT KNOW THAT MY BUSINESS INCOME IS 27 LACS OF RS 5 LACS ?

THANKS & REGARDS

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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14 September 2013 The words 'total income' used in Schedule AL of ITR-3 has to be understood as 'taxable income' meaning thereby, in your case, it is Rs. 5 lakhs.

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