Itr 4 + deductions

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 July 2014 Hello there,

I am working as a IT freelancer for many years and I paid returns under ITR4 for last 2-3 years.

This year (2013 Apr- 2014 Mar) I have created an llp entity with 2 other partners and invested around 2.8lacs. But I havent got a single penny return on investments because it a very new business. All the other incomes I have received only through the freelancing I've been doing.

How should I show these investments and how should it be done. Same like previous years or via any other way?

Please help

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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21 July 2014 u need to show it in professional income only and show assets and liabilities of llp and file itr4.

Querist : Anonymous

Querist : Anonymous (Querist)

23 July 2014 Thanks Tushar for the reply.

You mean that investment should be reflected in my PERSONAL itr PL sheet? If yes, where?

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CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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23 July 2014 u need to show it in bal sheet all your investments or capital as the case may be.

Querist : Anonymous

Querist : Anonymous (Querist)

23 July 2014 Just came from a CA and she said I need to fill the ITR with company's ITR. i.e before 30 september not 31st july. She said both the books will be counted for p&l (my freelancing as well as the company's). Then only I can file the ITR. So the date is not 31st July for me..It will be before 30th september.

This is not easy for me to digest. She is a new CA so kind of not easy for me.

Please advise.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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23 July 2014 yes as ur partnership firm u need to file by 30.9.2014 as its llp which is taken as partnership firm

Querist : Anonymous

Querist : Anonymous (Querist)

24 July 2014 Thankyou Tushar for all the help and advice

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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24 July 2014 you are welcome friend............................

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