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ITR Filed By proprietor

07 January 2021

Dear Sir,

Kindly advise suppose Mr.X is a proprietor of 2 firm and Mr.X is a partner of 1 firm. so can he file 3 income tax return.

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4 Replies

CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 07 January 2021

In case of proprietorship of two firms of one owner then such financial statements of the firms should be prepared in consolidated basis and itr should be filled.

Partnership income should also be included in return

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Giridhar S Karandikar (Team Lead) (7548 Points)
Replied 07 January 2021

Mr x needs to file two return, one of the proprietor firm and other as a partner of the firm.
partnership firm return would be filed separately.

shubh sarkar (6 Points)
Replied 08 January 2021

Mr. X is an Individual who have 3 sources of Income. You need to file just 1 ITR showing income from all the 3 sources. Proprietorship Income will be taxable whearas Income from Partnership is not taxable as taxes are to be paid by the firm.