An LLP partner is seeking advice on which Income Tax Return (ITR) form to use for their individual filing. They earned freelance income during the financial year and also withdrew funds as drawings from the LLP, but received no salary or profit share. The user requires clarification on the appropriate ITR form and whether any proportionate LLP income needs to be declared on their personal return.
23 August 2021
Hello members, I am a partner in an LLP which completed its first year of operations in March 2021. During FY 2020-21, I earned income as a freelance content writer while also being a partner of the LLP. I did not take any salary from the LLP during the financial year, neither did any other profit accrue to me as a partner. The only money I withdrew was in the form of drawings, that too a single transaction. Please guide me regarding the ITR form which I need to use to file my return. Also, is there any proportionate income relating to the LLP which needs to be added to my individual income for the year? Thank you in advance for your assistance.