A Partnership Firm has income from ONLY Machinery let out on Rent.
It has discontinued business activities!
1. Whether such rental income (about 3 lacs per annum) should be shown under business income
or income from other sources?
2. Whether the firm is required to file assets and liabilities statement?
3. ITR Form No. to be used for filing Return
Thanks for your kind advice and support!
Regards,
Valerian DSouza
CAclubindia
