Respected Senior Members and my dear fellow mates,
I have a question regarding the form of Income Tax which is to be filed in the below mentioned circumstances :
A person having income from his own proprietorship business and he is also a partner in a partnership firm form where he gets (i) salary and (ii) share of profit. Then which Income tax return he should file.
I believe ITR - 3 is for partners in firms and not carrying out business under any proprietorship and WHEREAS in ITR - 4 although there is provision called Schedule - IF where we can mention the amount of share in the profit of the business of the firm but not the salary withdrawn.
Then which ITR should be filed ? Thank you everyone in Advance for your expert replies.
CAclubindia
