Hi
I want to know if an individual being a partner in a firm also carries on a proprietorship business and wants to assess his income from proprietorship business under section 44AD, which ITR form for the AY 2018-19 will be applicable to him.
My doubts are:
1. Whether the share of profit from the firm is required to be disclosed in the ITR. If yes then in ITR 4 only details about the firm in which he is a partner is required. is it sufficient disclosure about the firm.
2. If he is also in receipt of salay from the firm within the limits of section 40(b), then is there any disclosure required of such income while filing ITR.
Kindly resond with some explanation
Thanking You
CAclubindia
