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Pls Advise..

Sunali (Learner) (1317 Points)

02 September 2008

A person used to file return as a partner in a partnership firm seven years back.

Now after seven years he again wish to file Income Tax return but as a sole properietor.

Pls advise ....wht abt the years he hadn't filed the return for..?

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CA.Sanjay Chopra (Job) (42 Points)
Replied 02 September 2008

Originally posted by :Sunali
"	A person used to file return as a partner in a partnership firm seven years back. Now after seven years he again wish to file Income Tax return but as a sole properietor. Pls advise ....wht abt the years he hadn't filed the return for..?	"

Dear Sunali,

Even being a partner in a partnership firm, an individual files his/her return in an individual capacity. In other words, an individual being a salaried employee showing income u/h salary and income from partnership firm i.e. interest on capital and partner's salary will be shown under business income head.

e.g.

Income u/h salary

Salary from ABC Ltd.

Income u/h PGBP

Salary from XYZ firm

Interest on capital from XYZ firm

I hope , now your query will be solved.

Please do let me know if further clarification is required in this regard.

Regards,

Sanjay Chopra

Chartered Accountant

09891260454