Which itr to use for incometax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 September 2018 Hi,
I worked as employee for the first 8 months. For the next 4 months I registered partnership firm for software consultancy with another partner.

I want to file presumptive taxation(44ADA) for the income/profit I received in partnership firm.

The queries are:
1. How to file salaried income and presumptive taxation(44ADA). Which ITR to use?
2. presumptive taxation should be filed for the partnership firm or for each partner?

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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01 October 2018 You can file ITR -4 or ITR -5 for Firm, you can file ITR 4 for Presumptive Income.

If you file individual return declare income from Firm like Share of profit and Salary you can declare same in ITR3 under Business Income, Salary from previous employment can be declared under head Income from Salary .each partner has to file individuals return along with firm since Firm is separate entity. Any income from business arrived individual capacity same can be declared in individual business income.