A person used to file return as a partner in a partnership firm seven years back.
Now after seven years he again wish to file Income Tax return but as a sole properietor.
Pls advise ....wht abt the years he hadn't filed the return for..?
4 Replies
CA.Sanjay Chopra
(Job)
(42 Points)
Replied 02 September 2008
| Originally posted by :Sunali | ||
| " | A person used to file return as a partner in a partnership firm seven years back. Now after seven years he again wish to file Income Tax return but as a sole properietor. Pls advise ....wht abt the years he hadn't filed the return for..? |
" |
Dear Sunali,
Even being a partner in a partnership firm, an individual files his/her return in an individual capacity. In other words, an individual being a salaried employee showing income u/h salary and income from partnership firm i.e. interest on capital and partner's salary will be shown under business income head.
e.g.
Income u/h salary
Salary from ABC Ltd.
Income u/h PGBP
Salary from XYZ firm
Interest on capital from XYZ firm
I hope , now your query will be solved.
Please do let me know if further clarification is required in this regard.
Regards,
Sanjay Chopra
Chartered Accountant
09891260454
Late CA Sampat Jain
(Chartered Accountant)
(4772 Points)
Replied 02 September 2008
WHAT HAPPENED TO PARTNERSHIP FIRM IN BETWEEN??
Sunali
(Learner)
(1317 Points)
Replied 04 September 2008
To Mr. Sanjay...
Sir, thats fine...but my question was does the person has to give reference of the returns he has filed seven years back..
and what about the years he didn't file return for...?
can he file return as a new assesee from this A.Y.as he has to apply for a new PAN as well..?
Sunali
(Learner)
(1317 Points)
Replied 04 September 2008
| Originally posted by :CA Sampat Jain | ||
| " | WHAT HAPPENED TO PARTNERSHIP FIRM IN BETWEEN?? | " |
It was dissolved and now the person is running business as a sole prop.
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