Pls Advise..

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

WHAT HAPPENED TO PARTNERSHIP FIRM IN BETWEEN??

To Mr. Sanjay...

Sir, thats fine...but my question was does the person has to give reference of the returns he has filed seven years back..

and what about the years he didn't file return for...?

can he file return  as a new assesee from this A.Y.as he has to apply for a new PAN as well..?

It was dissolved and now the person is running business as a sole prop.