Sole proprietorship
This query is : Resolved
08 January 2016
There is a shop and it's proprietary concern.
Dad and his son jointly manage the shop.
Dad shows his income as income frm proprietary concern
And son wants to file return as ITR 1
as there is only one shop and no partnership firm.
what are the consequences or are there any provision against which son can file return as ITR 1
08 January 2016
son can show his income as salary income from father's shop as he manage fathers shop but he should proof department that this income is valid
08 January 2016
YOUR DAD IS DOING BUSINESS HE CAN FILE ITR-4 , SINCE YOU ARE MANAGING YOU CAN TAKE SALARY FROM PROPRIETARY CONCERN THAN YOU CAN FILE ITR-1
09 January 2016
How son can prove to the department that the income is in the form of salary.
nd if we show it ad salary tds implications will be there?
09 January 2016
you take salary in Books , Show Expenses in the Proprietary concern .
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