22 May 2008
YES, AS STSTED BY SRI HEMANT,YOUR FRIEND NEEDS TO FILE ONE INCOME TAX RETURN. THIS IS BECAUSE ,AS PROPRIETOR OF BOTH BARS, HIS TOTAL INCOME FRON BOTH BARS WILL BE HIS ANNUAL BUSINESS INCOME AND ACCORDINGLY A SINGLE RETURN IN HIS NAME UNDER BUSINESS INCOME WILL BE SUFFICIENT. BUT THE ANSWER WILL BE DIFFERENT IF YOUR FRIEND HAS FORMED TWO COMPANIES IN TWO NAMES FOR THE TWO BARS OR TWO PARTNERSHIP FIRMS IN TWO NAMES FOR THE TWO BARS. R.V.RAO
22 May 2008
Sir, 1) he has rented the bars, he is not the owner of the bar. 2) both the bars are in different name and the owners are also different? in that case what should we do?
CAclubindia
