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Income from partnership firm

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This query is : Resolved

Mohd Sarfaraz Latibani (Querist)

20 September 2012 I am having a proprietor ship business and I am also a partner in a Firm, from which I am getting Remuneration and Interest. I want to know where should I mention the Income from Partnership Business in ITR 4, as I have a business income from proprietory business.

Thanks

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

20 September 2012 Income from partnership business such as remuneration and interest also business income. In case these both are reflected in you proprietory business P&L then it autometically included in business profit and shows at schedule P&L and no separate disclosure required.
In case these both are not reflected in your proprietory business P&L then you have to adjust these at Schedule BP at column no 23(also read the matter at this column it clarifies your doubt).

In both the cases you also required to fill must and should schedule IF which is related to details regarding partnership.

OM SAI SRI SAI JAI JAI SAI

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