Doubts in filing itr

255 views 3 replies

Hi, 

I'm running small manufacuturing jaggery unit and doing sales across India. Since started in 2017 only, I didnt make profit and investing more to expand the business. 

Its partnership firm by 3 people.

I'm taking money from company account for personal expenses like travel, food, etc. All 3 take money only for these type expenses. Guess these can be shown as expenses from company side?

Now should I show it as income or how it should be shown for me as well we company. 

based on this only Ive to do company filing also. 

Thanks in advance

Replies (3)

Also kindly inform whether I should go for ITR 1 or ITR 4 for individual partners?

A Partner file ITR 3 only. No way for any other Forms.


As per the above said expenses by You and Your partners are Personal nature then It's can't accounted as expenses in Firm's Account...

It will be accountable in "Partners Drawing head".

Thanks for the reply sir. 

In that case, a partner can file ITR 3 only after firm's ITR in done right? Since income of partners can be calculated after auditing only. 

Personal expenses I meant as during business time like travel for business, stay, food like that. 

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
29 June 2026
ACCOUNTANT

SANDEEP AASHISH & CO

Araria

B.Com

View Details
Company
16 June 2026
Sr. Associate / Assistant Manager | TAS / FDD

Boutique Investment Bank & Transaction Advisory Firm

Gurgaon

CA

View Details
Company
ARTICLESHIP 09 June 2026
Article Trainee

Numbertree LLP

Mumbai

CA Inter

View Details
Company
24 June 2026
Chartered Accountant

CA Darshita Shah & Co

Nadiad

CA

View Details
Company
ARTICLESHIP 18 June 2026
Article Assistance

RB KESHRI & CO.

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 24 June 2026
ARTICLE ASSISTANT

BHUPINDER SHAH AND COMPANY

New Delhi

CA Inter

View Details
Company
Featured 24 June 2026
HEAD - AUDIT AND TAXATION

A R JADHAV AND ASSOCIATES

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 04 June 2026
Article

Rakhecha & Co.

New Delhi

CA Inter

View Details