P&l account in itr 4

ITR 242 views 3 replies

Hello,

I am filing ITR 3 this year (erstwhile ITR 4)  since I am offering consultancy services for an NGO. I get paid consultancy fees for the same.

Apart from this:

1) I am also a partner in a firm. I do not receive any income such as salary etc. I have a 50% share in the profit. As per my understanding, share in profit is not taxable in my hands.

2) I have interest income from SB accounts, annuity from past employers.

In the P & L Account - Should I include share of profit from partnership firm, Interest income from SB Account, Annuity etc in P&L Account  

OR

Should I show it under Other Sources.

Please clarify. 

Thanks,

VS 

Replies (3)

1. Correct....... Non taxable...... Not to be included in P&L Acc.

2. Yes. It is IFOS.

Thanks for the advice, Sir

My pleasure


CCI Pro

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