ITR of Partners

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Debashis Mandal (Querist)
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29 March 2011 Respected Experts
If a persob is a partner of a firm & also doing separate business then is for him ITR 3 sufficient or ITR 4 to be applied
if it is ITR 4 then is such business profit also include share of firms remuneration, interest on capital & its individual business profit unitedly
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Debashis Mandal

CA KRISHNA KUMAR DARUKA

CA KRISHNA KUMAR DARUKA (Expert)
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29 March 2011 If the person is carrying proprietorship business also then ITR 4 is necessary.

Business profit includes profit from proprietorship business, salary from partnership firm and interest received from partnership firm. Share of profit from partnership is exempt from tax.

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CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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29 March 2011 ITR 4 as share from business will be business income

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CA Suresh Choudhary

CA Suresh Choudhary (Expert)
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29 March 2011 agree with experts

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