Presumptive business
This query is : Resolved
29 March 2015
I am a female, age less than 60 years.
I have a proprietorship firm of trading goods in which I am proprietor . turnover is 30 lakhs only.
I am also a partner in a partnership firm drawing profit of rs 9,000 for 1 year and no interest or remuneration or salary is given to me.and have bank interest as other income.
Can I file itr 4s under presumptive business and if I do that where do I show partnership firm profit there ?
pls revert
I have a proprietorship firm of trading goods in which I am proprietor . turnover is 30 lakhs only.
I am also a partner in a partnership firm drawing profit of rs 9,000 for 1 year and no interest or remuneration or salary is given to me.and have bank interest as other income.
Can I file itr 4s under presumptive business and if I do that where do I show partnership firm profit there ?
pls revert
29 March 2015
The partnership share of profit is exempt income, up to 5000 only can be shown in ITR4S. So you can file ITR 4.
29 March 2015
if the profit was rs 5,000 only then I was eligible for itr4s ?
and if it crosses rs 5,000 then I have to compulsorly file itr 4 ?
and if it crosses rs 5,000 then I have to compulsorly file itr 4 ?
30 March 2015
Yes you are right..........
30 March 2015
is there a way I show that exempt profit in income from other sourcess in itr 4s ?
30 March 2015
If you show it in other income you have to pay tax on it.
30 March 2015
that is ok as my taxability is not so much, so is it ok if I file itr4s and show that in other income and not exempt income ?
30 March 2015
It is a business income not other income. Being exempt income not a huge amount you can leave that income and file 4S.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING SECTION 43B 1 H
- Intraday trading on shares
- GST ISD registration
- Receipts in bank account by way of transfer from various persons via UPI
- TDS on advance amount paid to builder
- Causal labour
- 26QB last installment Query
- TDS u/s 194Q in case of Section 8 company registered u/s 12A and 80G
- 26B Form submission
- Appeal before the ITAT
- Penalty non filling itr
- Underbilling in export sales
- Correction of AD Code in BOE Filed for High Seas Purchase
- Conversion of Partnership firm into private limited company.
- TDS on Crypto section 194S
- Reimbursement to employees for cab, fuel and internet
- Multiple GST Registration-Asset
- TDS 24Q Q4 return
- ITR Not Processed yet
- GST invoice shown by vendor under wrong GSTN
Trending Online Classes
-
GST LIVE Certification Course - 42nd Weekend Batch(With Govt Certificate)
Industry Expert17 May 2025
CAclubindia
