Income tax return

Save Share

This query is : Resolved

shahwez (Querist)

13 January 2015 sir if the indidvual having income from partnership firm (interest+ salary) & aslo having business income which ITR form to be upload.....

thanks in advance

Amol S Joglekar

Amol S Joglekar (Expert)

13 January 2015 file itr 4.
.
.
.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

13 January 2015 yes file itr 4 and do declare both income in it.

Rupesh Jain

Rupesh Jain (Expert)

13 January 2015 you have to file ITR-4.

shahwez

shahwez (Querist)

14 January 2015 but how to disclose partner interest and remmunation in ITR 4

Rupesh Jain

Rupesh Jain (Expert)

14 January 2015 it is include in the gross receipts and in the end of the form partnership name and PAN and ration of profit share will disclosed by you.

shahwez

shahwez (Querist)

15 January 2015 Mr rupesh jain i think u r wrong..rummeneration recieved from partenship are in salary head in ITR 4 & interest are shown in income from other source in ITR 4..... I think this is a correct solution...

Amol S Joglekar

Amol S Joglekar (Expert)

15 January 2015 Remuneration from partnership firm is "Business Income" It does not partake the nature of Salary as contemplated under the head "Income from Salary"

Mr Rupesh Jain has RIGHTLY advised you.

Your views please Shahwez

shahwez

shahwez (Querist)

15 January 2015 mr amol pls read a question above before give solution remuneration from partnership firm its not business income of individual ....i was a question that if a person have a busness and same year he also recive a remuniaration ( salary ) how can disclose the income in ITR 4

BECAUSE REMUNNERATION IS SALARY NOT BUSINESS INCOME

MR AMOL PLS GIVE U VIEWS

I AM WAITING FOR YOUR VIEW

Amol S Joglekar

Amol S Joglekar (Expert)

16 January 2015 (Take it in a lighter sense..... are you a paper setter for CA/CS/ICWA?)

Well you wrote in your query...individual having income from partnership firm(interest+salary)...... I think this bracket caused the confusion...and in literature we can not apply BODMAS rule of simplifying brackets......Anyway

Can you please redraft your question so that this time I may not miss out to read your mind?

shahwez

shahwez (Querist)

16 January 2015 sir my question was if the person receive a remuneration and interest from partnership firm & at a same year person having income from own business ..
how disclose the remuneration interest and income from own business in ITR 4

Amol S Joglekar

Amol S Joglekar (Expert)

19 January 2015 see what you can do is

In ITR4.....the sheet containing PART A-OI
item 5 a ...the items falling within the scope of section 28

you can include the interest+remuneration from firm in this

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now