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 :
- How to find a good CA
- Rcm on rent paid
- Clarify on GST Application
- Residential status for overseas students visitin
- Capital Gains Tax
- LTCG 112A and business loss
- FAST-DS 2026 applicability: foreign employee share
- NRI Property Sale in India: TDS Rates and Key Comp
- Clarification on September 2026 PF Calculation for
- DRC-03 interest paid under CGST/SGST instead of IG
Related Topics :
CAclubindia
