demand notice form income tax
business profit is 300000
share of loss firm amount is 450000
income tax demand notice issued profit is 750000
in the case loss of share from firm 450000 amount is not considered as a individual business income profit
nearly 100000 demand amount is issued.
what is solutions ??
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Income tax demand notice issued
Replies (6)
Check whether it is positive or negative figure in ITR data entry
Negetive figure share of loss amount 450000
Check the IT computation & it's schedules
Check the accounts from where it is derived .
if there are some anamoly check the details.
File a revised return and pay the tax demand if it is correct otherwise not.
if there are some anamoly check the details.
File a revised return and pay the tax demand if it is correct otherwise not.
Return is correct partnership firm share of loss amount is taxable in individual account ??
There is no tax on loss ..
If share of profit is positive figure then also it's exempted..
Only interest & remuneration is taxable and not share of profit
If share of profit is positive figure then also it's exempted..
Only interest & remuneration is taxable and not share of profit
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