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
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
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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