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?
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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.
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