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Itr for indivisuals and company

Tax queries 633 views 4 replies

I am working with several single propriter firms. In single propriter firm case - we not required to fill ITR of firm, but we need to fill ITR of propriter in which firm profit comes also. But i confused in case of partnership and company.

I want to know - In case of partnership firms we required to fill only propriter ITR or firm ITR or ITR for both? similarly please tell me for Private limited companies also.

If required to fill retrun for both then in tally income tax after profit shown in p&l or balance sheet. what ledgers need to opened in tally in which groups. and what entry need to done..............Please provide help

Replies (4)

Proprietor and his business is the same  and only one ITR will be used.

Partner and partnership firm are separate and two ITR will be used

Director and company are separate and two ITR will be used.

Thank you Mihir.

Please tell me which ITR need to fill for

Partner

Parnership firm

Director

Company

1. ITR 3/4

2.ITR 5

3.ITR 1/4

4 ITR 5/7

I confused in partnership firm and pvt ltd company.

what is the basic diffrence in account maintaining of partnership firm(4 partners) and pvt ltd company(4 members).


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