Presumptive business
This query is : Resolved
29 March 2015
I am a female, age less than 60 years.
I have a proprietorship firm of trading goods in which I am proprietor . turnover is 30 lakhs only.
I am also a partner in a partnership firm drawing profit of rs 9,000 for 1 year and no interest or remuneration or salary is given to me.and have bank interest as other income.
Can I file itr 4s under presumptive business and if I do that where do I show partnership firm profit there ?
pls revert
I have a proprietorship firm of trading goods in which I am proprietor . turnover is 30 lakhs only.
I am also a partner in a partnership firm drawing profit of rs 9,000 for 1 year and no interest or remuneration or salary is given to me.and have bank interest as other income.
Can I file itr 4s under presumptive business and if I do that where do I show partnership firm profit there ?
pls revert
29 March 2015
The partnership share of profit is exempt income, up to 5000 only can be shown in ITR4S. So you can file ITR 4.
29 March 2015
if the profit was rs 5,000 only then I was eligible for itr4s ?
and if it crosses rs 5,000 then I have to compulsorly file itr 4 ?
and if it crosses rs 5,000 then I have to compulsorly file itr 4 ?
30 March 2015
Yes you are right..........
30 March 2015
is there a way I show that exempt profit in income from other sourcess in itr 4s ?
30 March 2015
If you show it in other income you have to pay tax on it.
30 March 2015
that is ok as my taxability is not so much, so is it ok if I file itr4s and show that in other income and not exempt income ?
30 March 2015
It is a business income not other income. Being exempt income not a huge amount you can leave that income and file 4S.
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