It return of partner
This query is : Resolved
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
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
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.
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.
25 September 2009
Agree with expert
25 September 2009
Agree with Ratan Sharma
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