Dear Sir,
I have done an audit of a film production firm(LLP). They have produced one film during the FY 2015-16 and the movie released in the same year. Financials are ready. but now I have doubt in which head it comes under Income Tax Act for return filing ? Waiting for your valuable replies
Return should be filed under head income from Business and profession
itr 5
ITR - 3 This Return Form is to be used by an individual or an Hindu Undivided Family who is a partner in a Partnership Firm or LLP and where income chargeable to income-tax under the head a Profits or gains of business or professional does not include any income except the income by way of any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from such firm.Hence as per my knowledge you should file return in ITR-3 if you are filing the return of Partner of LLP.
and If you are filing return of LLP then you should file ITR 5 as said by Senu Reddy !
CAclubindia
