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Itr form for partner

ITR 296 views 4 replies

SUNNY

Designer

62 Points Joined August 2016

Hello,

A partnership has opted for ITR4 and therefore no remuneration paid to partners. Now can a partner who's having a proprietorship business also can file ITR4 also since he's not having any untaxed income from partnership firm?

Also can you take total receipts in a FY as total income while filing ITR 4?

Thanks in advance

Replies (4)

Rahul Rustagi

Student CA Final

310 Points Joined September 2012

As per my knowlegde ITR applicable to a partner should be filed instead of ITR 4 since there is additional information required to be disclosed in the form wrt the partnership firm in which the assessee is partner.

All receipts are not in the nature of income. You should determine wrt to each receipt whether it is consideration towards the sale of goods or services rendered.