Itr form ay 2018-19

ITR 208 views 2 replies

Hardeep Singh

CHARTERED ACCOUNTANT

205 Points Joined September 2010

I want to know if an individual being a partner in a firm also carries on a proprietorship business and wants to assess his income from proprietorship business under section 44AD, which ITR form for the AY 2018-19 will be applicable to him.

My doubts are:

1. Whether the share of profit from the firm is required to be disclosed in the ITR. If yes then in ITR 4 only details about the firm in which he is a partner is required. is it sufficient disclosure about the firm.

2. If he is also in receipt of salay from the firm within the limits of section 40(b), then is there any disclosure required of such income while filing ITR.

Kindly resond with some explanation

Thanking You

Replies (2)

Neelam Chawla

40 Points Joined August 2018

if there is share of profit from firm then disclosed in income only for reporting purpose and if also receiving salary from partnership firm then go for ITR 3

RAJA P M

"Do the Right Thing...!!!"

128116 Points Joined January 2015

If Asseessee is a Partner in a Partnership Firm then He can't file ITR 4 in AY 18-19...

ITR 3 is applicable to him... Salary / Remuneration received as per sec 40(b)*** then it is treated as Income From Partnership Firm...
Profit share is just reporting purpose in his own ITR....