Unable to find the right path, need help || ITR filing

ITR 217 views 4 replies

Joshi ji

Student

23 Points Joined June 2017

Hello,

Me and my friend have run a partnership firm (LLP) and own a registered GST number for the LLP.

Both of us are directors.

The firm is 1.5 year old and has not done any business more than 5 Lacs per annum.

We file our GST regularly.

My queries are:

1. If one of us start to work in an MNC as a salaried employee, do we need to shut down the business? If we continue the LLP firm, does it amount to any fraud or criminal offence?

2. Can the same pan card be used in ITR filing as a salaried employee and director of an LLP firm?

3. What are the different ITR forms, which needs to be filed for such an arrangement?

Thanks... Joshiji

Replies (4)

These are my opinions/ answers to your queries:

1) It doesn't amount to fraud or criminal offence.

2) Your individual PAN has to be used to file your individual income tax return even if you are a director..

3) For LLP ITR-5 has to be filed and where as for ITR-3 has to be filed in your individual capacity since you are a director in a LLP.

Sivaramaraju G

Learner

2398 Points Joined May 2019

Agreed with V V G Sarma Ji

Joshi ji

Student

23 Points Joined June 2017

Thank you for the quick response Sarma Ji...

Just one last question....it has arisen out of your reply.

So, this means, salary income can be shown in personal ITR1 and taxes can be paid. In addition to it, one has to be submit ITR-5 for LLP firm tax liability & ITR-3, for being the director of the LLP. Is my understanding correct in this case??

V V G Sarma

28 Points Joined July 2019

You have to file ITR-3 since you are a director/ partner in a firm in that form you can report your salary income also.Hence in your individual capacity you have to file ITR-3 and for LLP as earlier mentioned ITR- 5 has to be filled.

There is no REQUIREMENT of filling ITR 1 separately.