LIVE GST Certification Course by CA Arun Chhajer begins 27th April. Register Now!!

Shares of pvt ltd company

Harinder (student) (219 Points)

16 July 2012

Dear all, If I have shares of a Pvt Ltd company and I'm also a Director in the same Pvt Ltd company, Apart from that if I also have professional income, which ITR form do I need to file as I have salary income, shares held from a Pvt Ltd company and professional income. The ideal form migh t be ITR 4 but I can guess where the shares held will be shown.

please advice, thanks in advance.

Reply
Follow
Share

4 Replies

CA PARAS BAFNA (Practising CA ) (33423 Points)
Replied 16 July 2012

A professional has to prepare a Balance Sheet.

You can show shares held by you as an Investment in Equity Shares by filling up other Balance Sheet Details also.

Harinder (student) (219 Points)
Replied 16 July 2012

Originally posted by : CA Paras Bafna
	A professional has to prepare a Balance Sheet. . You can show shares held by you as an Investment in Equity Shares by filling up other Balance Sheet Details also. .

Sir, thanks for your reply. I would like to mention that the Professional Income is From clients not related to Pvt Ltd company whose are held.

In another situation if I did not had any Professional Income, but only salary and equity shares held from the same Pvt Ltd company. Please advice. Thanks

CA PARAS BAFNA (Practising CA ) (33423 Points)
Replied 16 July 2012

In case you are earning any professional income, then it's a taxable income from whichever source you do earn.

In case you can show only salary income, then no need to portray the shares in the ITR as salaried persons are not required to furnish the details of their all investments.

ANUP GUPTA (KEEP SMILING fcaanupgupta@gmail.com) (303 Points)
Replied 16 July 2012

Prepare Profit & Loss A/c & Balance Sheet. Use Bank Statement & Form 26AS Details to Prepare Balance Sheet & Show Equity Shares as investment in Balance Sheet. You are, without any doubt require to file ITR-4.

Further it dozen matter whether u r receiving professional income from company or other client, u need to prepare a balance sheet.

If u donot require to maintain regular books of accounts then u need not to mention such investment, simply fill the column 6 in balance sheet & column 51 in p&L