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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ITR Filed By proprietor
Replies (4)
Quick Summary
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
Partnership income should also be included in return
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.
partnership firm return would be filed separately.
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.
No only one itr for x n separate itr for partnership firm
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