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?
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?
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.
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.
01 October 2018
file itr 4. you can claim the presumptive taxation benefits
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
- IT Return filed defective u/s 139 (9)
- Fixed Deposit Claim Relinquishment by the Nominee
- ITR 6 Schedule CFL and UD Issues
- NR GST NUMBER
- For REQUIRE INDIVIDUAL GST
- Not a CA , can we prepare balance sheet
- FREELANCING ACCOUNTANT
- GST Form ADT-02
- TCS ON SOFTWARE SALES
- Income Type for interest from government bonds
- Query Regarding on TDS section 194H and 194J
- TDS on purchase of value vouchers for employees ?
- PAYMENT TO OPEN AI AND ENVATO ELEMENT
- From 15CA for remittance by domestic travel agent by to Foreign Destination Management Company.
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
