Itr form for partnership profit + prop business u/s 44ad
This query is : Resolved
16 August 2018
Respected Sir
I want to know if an individual being a partner in a firm also carries on a proprietorship business and wants to assess his income from proprietorship business under section 44AD, which ITR form for the AY 2018-19 will be applicable to him. My doubts are: 1. Whether the share of profit from the firm is required to be disclosed in the ITR. If yes then in ITR 4 only details about the firm in which he is a partner is required. is it sufficient disclosure about the firm. 2. If he is also in receipt of salay from the firm within the limits of section 40(b), then is there any disclosure required of such income while filing ITR.
Kindly resond with some explanation
Thanking You
I want to know if an individual being a partner in a firm also carries on a proprietorship business and wants to assess his income from proprietorship business under section 44AD, which ITR form for the AY 2018-19 will be applicable to him. My doubts are: 1. Whether the share of profit from the firm is required to be disclosed in the ITR. If yes then in ITR 4 only details about the firm in which he is a partner is required. is it sufficient disclosure about the firm. 2. If he is also in receipt of salay from the firm within the limits of section 40(b), then is there any disclosure required of such income while filing ITR.
Kindly resond with some explanation
Thanking You
16 August 2018
you need to file ITR-3
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Exiting partner in partnership firm in gst portal
- CLOSING STOCK QUERY
- Traces submitting correction statement error
- TDS _Long term Capital Gain ref.sec 214 Table 2
- Taxability of credit in canara bank ET & T section (NRO)
- Loss of interest in PF transfer from EPFO to Trust
- ITR-Capital Gain
- IT returns for fresh job holders
- F&O reporting in ITR
- ITR-3 File/Error Found
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
