Income tax return
This query is : Resolved
22 July 2013
hi experts,
one of my client has proprietor ship business.now he has a shop (place of his business) registered at his own name..so how should i treat his shop in making his ITR IV
one of my client has proprietor ship business.now he has a shop (place of his business) registered at his own name..so how should i treat his shop in making his ITR IV
22 July 2013
you do not have to make disclosure of place of business or shop details if you have income below 25.00 lacs.
If you have income above 25.00 lacs you have to give the details of assets & Liability where you have to delcare the shop.
Further more, do not charge rent in your proprietory business if it is run from the same premesis
If you have income above 25.00 lacs you have to give the details of assets & Liability where you have to delcare the shop.
Further more, do not charge rent in your proprietory business if it is run from the same premesis
22 July 2013
Means if business man has income less than 25 lakh no need to fill b/s portion of ITR IV
22 July 2013
If you are operating shop, then you have to make b/s and combine with other business b/s to make consolidated.
If you own shop (premises) which is used by you for you proprietory business than declaration of asset (shop) is not necessary.
If you own shop (premises) which is used by you for you proprietory business than declaration of asset (shop) is not necessary.
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