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Income tax filling
If I am a MD of a company should I file returns separately for my company and my personal returns
Replies (7)
Quick Summary
MD and company both are separate person in the eyes of the income tax act and so separate returns needs to be filed for each person as per the income tax act.
A simple logic, if you and your company has seperate pan numbers then you have to file income tax return for those parties whose imcome exceeds basic exemption limit, i.e, 2.5 lakh
Is it a sole proprietorship company?
Is filling of returns based on PAN?
Yes..it's based on PAN
If my father is running sole proprietorship business and I am employed in a company should we file returns separately
In case of Company, it is a separate legal entity and have distinct PAN.
The MD of the Company have his distinct PAN. Hence both of them will file their return separately.
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