ITR of Partners
This query is : Resolved
Debashis Mandal
(Querist)
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
Thanks
Debashis Mandal
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
Thanks
Debashis Mandal
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.
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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29 March 2011
ITR 4 as share from business will be business income
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CA Suresh Choudhary
(Expert)
29 March 2011
agree with experts
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