Hi everyone,
A husband and wife are running a kirana general store and they want to file return
How the business income is allocated to both?could any one help me out of this?
Menu
Business income source for husband and wife
Replies (2)
Quick Summary
Husband and wife are taxed individually in India; they can form a partnership firm to legally split income through partner remuneration and interest on capital, provided they maintain a formal partnership deed and comply with Section 40(b) limits, while being mindful of "clubbing" provisions that may apply if income is shifted without a formal structure.
Hi sir
As they didn't have partnership deed and the shop is not a partnership firm,can they show half half turnover and profits to each other?This is regarding the filing it return for the AY 2026-27.
Recent Topics :
- IDS Refund: GSTR-2B Invoice Not Validated in State
- Self assessment tax paid not reflected in ITR2 fil
- Tax on nps corpus
- Tired converting GSTR-1, 2B & 3B to Clean Exce
- TDS on under construction property not deducted
- GST on Fixed Assets
- GST ITC april 22
- GST PAYMENT REGARDING
- GST Consultation Required – June–Augus
- TDS Code for Salary Payment to Non-Resident Intern
Related Topics :
CAclubindia
