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regarding business running as co-owner
I have started garment business as a co owner means both rented a shop with deposit of Rs. 30lacs.(15lacs:15lacs). how to file income tax return. both should file income tax return separately from same business . how ? pls help us.
Replies (3)
Company is separate level entity and its member is different from company so company income tax return will be filed separately and yours both individually will b separately
It seems you are talking about partnership firm, So on the basis of share of profit you need to file return.
no partnership no company. just both have rented a shop . paid deposit 50000 : 50000 on stamp paper. both have to file income tax or anyone can file income tax return. we are as a co - Owner.
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