If an individual freelancer has been filing itr4s since 3 years and now he has joined multiple llps as partner for investment vehicle purpose only , can he continue to file itr4 and report llp remuneration as business income in itr4. Or he has to file itr3 and if he files itr3 can he continue getting presumptive taxation benefits of his freelance business (8% section)
Remuneration of firm or llp has to be filed under ITR 3. Presumptive assessment not applicable for it.
His freelance income if eligible for assessment u/s. 44AD, can also be declared in ITR3. (as before)
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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CAclubindia
