Return of income
This query is : Resolved
16 May 2011
Whether a person doing proprietor business has to file return of his business also & of his income also?
e.g. Mr. A doing trading business of cloth under A & co. has to file ROI of A & co. and himself or only one?
e.g. Mr. A doing trading business of cloth under A & co. has to file ROI of A & co. and himself or only one?
16 May 2011
Only one income tax return need to be filed by an individual covering all his income including the income from his proprietory business.
16 May 2011
proprietorship business profit is getting added in personal profit of individual and taxed, no separate incometax return for business.
individual income tax return covering all business and profession is sufficient.
individual income tax return covering all business and profession is sufficient.
17 May 2011
in case of Propritorship Business, income is transferred to owner's capital a/c and income tax return is filed by the owner himself . No Separate PAN is required.
17 May 2011
Now, suppose Mr.A enters one partner in this business.Now this is not proprietory form.So now separate return or single return?Suppose firm is registered/unregistered.
18 May 2011
Partnership Firms have to file ROI separately and also have separate PAN.The Partner's of firm shall file the ROI separately and income received from partnership firm is exempted because tax has been already paid on this income when filing the ROI of firm.
19 May 2011
MY DEAR FRIEND, IT DOESN'T MATTER. FIRM MAY BE REGISTERED OR UNREGISTERED, RULE IS SAME FOR FILING THE ROI.
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