Which itr to use for incometax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 September 2018
Hi,
I worked as employee for the first 8 months. For the next 4 months I registered partnership firm for software consultancy with another partner.
I want to file presumptive taxation(44ADA) for the income/profit I received in partnership firm.
The queries are:
1. How to file salaried income and presumptive taxation(44ADA). Which ITR to use?
2. presumptive taxation should be filed for the partnership firm or for each partner?
I worked as employee for the first 8 months. For the next 4 months I registered partnership firm for software consultancy with another partner.
I want to file presumptive taxation(44ADA) for the income/profit I received in partnership firm.
The queries are:
1. How to file salaried income and presumptive taxation(44ADA). Which ITR to use?
2. presumptive taxation should be filed for the partnership firm or for each partner?
KAVIRAJA ADDANGADI
(Expert)
01 October 2018
You can file ITR -4 or ITR -5 for Firm, you can file ITR 4 for Presumptive Income.
If you file individual return declare income from Firm like Share of profit and Salary you can declare same in ITR3 under Business Income, Salary from previous employment can be declared under head Income from Salary .each partner has to file individuals return along with firm since Firm is separate entity. Any income from business arrived individual capacity same can be declared in individual business income.
If you file individual return declare income from Firm like Share of profit and Salary you can declare same in ITR3 under Business Income, Salary from previous employment can be declared under head Income from Salary .each partner has to file individuals return along with firm since Firm is separate entity. Any income from business arrived individual capacity same can be declared in individual business income.
Amol S Joglekar
(Expert)
01 October 2018
file itr 4. you can claim the presumptive taxation benefits
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