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ITR Filed By proprietor

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629 Points Posted on 07 January 2021
Dear Sir,

Kindly advise suppose Mr.X is a proprietor of 2 firm and Mr.X is a partner of 1 firm. so can he file 3 income tax return.
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On 07 January 2021 at 21:41 Report
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Chartered Accountant
24588 Points Posted on 07 January 2021
In case of proprietorship of two firms of one owner then such financial statements of the firms should be prepared in consolidated basis and itr should be filled.

Partnership income should also be included in return
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On 07 January 2021 at 21:56
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Team Lead
7558 Points Posted on 07 January 2021
Mr x needs to file two return, one of the proprietor firm and other as a partner of the firm.
partnership firm return would be filed separately.
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On 07 January 2021 at 22:17
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6 Points Posted on 08 January 2021
Mr. X is an Individual who have 3 sources of Income. You need to file just 1 ITR showing income from all the 3 sources. Proprietorship Income will be taxable whearas Income from Partnership is not taxable as taxes are to be paid by the firm.
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On 08 January 2021 at 09:37
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Accountant
4533 Points Posted on 09 January 2021
No only one itr for x n separate itr for partnership firm
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On 09 January 2021 at 16:01


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