It return of partner

This query is : Resolved

rajesh (Querist)
Follow

24 September 2009 one of my client has following income.
1. income from salary Rs.121000
2. income of commission from LIC 97443
3. income from salary as partner
( credited in his capital account as partner.)
4. Share of profit from partnership Rs. 30030/-

I want to know that how income ( both from salary and share of profit from partnership ) is to be shown in computation of income. whether it is income from other source or business income.
Please reply.
Thanks

Ratan Sharma

Ratan Sharma (Expert)
Follow

25 September 2009 COMPUTATION OF INCOME

Income from Salary 121000

Income from business 197443
LIC business 97443
Salary from firm 100000
______
-------
Gross Total Income 318443
=======

Share in profit of firm is exempt from tax. File your return in ITR IV.

CA CHINTAN AJMERA

CA CHINTAN AJMERA (Expert)
Follow

25 September 2009 Agree with expert

Sreedhar Atchutuni ACA,GradCWA

Sreedhar Atchutuni ACA,GradCWA (Expert)
Follow

25 September 2009 Agree with Ratan Sharma

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

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

mahendra zaveri

sachidanandam

S D Kannan

SARAVANAN PALANISAMY

Srikanthan S

Subscribe Now

It return of partner

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA