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Which itr - most confusing

ITR Filing 993 views 5 replies

An assessee being a partner in a Firm have drawn salary (not share) from the firm and at the same time is also running a proprietorship business in which he is the proprietor. Which ITR Form he should file his Return of Income ?

Thanks in Advance for your expert replies.
 

Replies (5)
Originally posted by : Somsuvra Mukherjee
An assessee being a partner in a Firm have drawn salary (not share) from the firm and at the same time is also running a proprietorship business in which he is the proprietor. Which ITR Form he should file his Return of Income ?
Thanks in Advance for your expert replies.

-> ITR-4 shall be filed.
.
-> Income earned by the assessee by way of salary, commission, bonus, interest, etc. from partnership firm, which has not been included in the P&L A/c of the proprietary business, needs to be disclosed in item No. A23 in Schedule BP.
.
-> Fill partnership details in Schedule IF
.

Agree With Deepak

Dear Som,

 

It has to be ITR-4 as ITR-3 is for the individuals/HUFS  being partners in a firm and not carrying any other properitorship business, and other detaills has already been conveyed through Deepak's Reply.

Dear Friend, ITR-3 is specifically for partner in a firm. ITR-4 is applicable for all cases, covers income from business (proprietorship and share of profit from Firm). I agree with Mr.Deepak Guptha.

Thank you mates for all of your valuable replies especially of Deepak Gupta and Thanks a lot to all other for confirming the same...


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