Itr applicability
This query is : Resolved
PRASAD NALLALA
(Querist)
18 May 2014
Hello , sir
One of my client has some proprietary business and at same time he is one of the partner in finance firm, there from he would earn some salary and periodical profit as well, thus his income includes business income and profit & salary from partner ship firm and also there is a chance to get some rental income on his property by letting out his property in future. And what query is which ITR form does applicable to him i.e., ITR-4 OR ITR-3( because his income includes share from firm)
One of my client has some proprietary business and at same time he is one of the partner in finance firm, there from he would earn some salary and periodical profit as well, thus his income includes business income and profit & salary from partner ship firm and also there is a chance to get some rental income on his property by letting out his property in future. And what query is which ITR form does applicable to him i.e., ITR-4 OR ITR-3( because his income includes share from firm)
18 May 2014
ITR 3 is to be used by an individual or an Hindu Undivided Family who is a partner in a firm and where income chargeable to income-tax under the head “Profits or gains of business or profession” does not include any income except the income by way of any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from such firm. Since your client has a proprietory business and could have income from house property also, ITR 3 is not the correct return form. You should use ITR 4.
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18 May 2014
Yes. ITR4 should be used.
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