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Salary and remuneration of partner

Others 889 views 1 replies

IF ONE GETTING SALARY FROM ONE PROPRIETARY FIRM AND REMUNERATION FROM ANOTHER PARTNERSHIP FIRM --THEN WHICH ITR SHOULD BE FILE --AND HOW SHOW THE REMUNERATION EXEMPT FROM TAX FROM PARTNERSHIP FIRM IN WHICH HE IS A PARTNER

Replies (1)

How could the remuneration from firm became exempt??? 

Anyways, assuming the proprietory firm is of other proprietor and remuneration not exempt, you can file ITR 3 or 4.. 

Income Tax Return is prepared on ITR-3 when:

  • an individual or an HUF is a partner in a firm AND
  • where income chargeable to income-tax under the head "Profits or gains of business or profession" does not include any income except the income by way of any interest, salary, bonus, commission or remuneration, due to, or received by him from such firm.

ITR 4 is universal. If you are not confirm about which form to file, go with ITR 4.


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