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If my father is running sole proprietorship business and I am employed in a company should we file returns separately.
Replies (5)
Quick Summary
Yes Abhishek selvam, you and your father needs to file Income Tax Retur separately.
Because as per Income Tax Act, "Every Person" is require to file Return of Income Tax if his income is exceed Rs. 250000 ( in case of person less than age of 60) and Rs. 300000 ( in case of person age of 60 years or more )
Because as per Income Tax Act, "Every Person" is require to file Return of Income Tax if his income is exceed Rs. 250000 ( in case of person less than age of 60) and Rs. 300000 ( in case of person age of 60 years or more )
Yes... I agreed to Mr Karan Singh reply...
@ Mr Abhishek Selvam O.,
Yes... Your father and You can file Income-tax return...
For You :
If You have only salary then file ITR against Your salary. In case You earn any business incomes then also file with both incomes in ITR...
@ Mr Abhishek Selvam O.,
Yes... Your father and You can file Income-tax return...
For You :
If You have only salary then file ITR against Your salary. In case You earn any business incomes then also file with both incomes in ITR...
Mr. Abhishek, You and your father are holding separate PAN and are distinct individuals hence, Income Tax return have to be filed individually.
You will report your salary income from the Company in your IT Return. Your father will report income from Business & Profession in his IT Return.
@ Abhishek Selvam O,
Employing in a company doesn't relieve you from filing ITR.
You must file ITR even if your company deducted entire tax in the form of Tds.
Few employees from MNC's and other companies are of the view that since the company deducted tax , employees are not liable to file to ITR.
ITR filing is PAN based.
So you , your father and even your company all must file ITR's
Employing in a company doesn't relieve you from filing ITR.
You must file ITR even if your company deducted entire tax in the form of Tds.
Few employees from MNC's and other companies are of the view that since the company deducted tax , employees are not liable to file to ITR.
ITR filing is PAN based.
So you , your father and even your company all must file ITR's
Yes you have to file separate return . Because you both are working as different individuals
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