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regarding business running as co-owner

mohammad tarique sohail (accountant) (196 Points)

15 September 2018

I have started garment business as a co owner means both rented a shop with deposit of Rs. 30lacs.(15lacs:15lacs). how to file income tax return. both should file income tax return separately from same business . how ? pls help us.

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3 Replies

om singh (20 Points)
Replied 15 September 2018

Company is separate level entity and its member is different from company so company income tax return will be filed separately and yours both individually will b separately

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Rohit Tibrewal (Student & Senior Accountant) (3193 Points)
Replied 17 September 2018

It seems you are talking about partnership firm, So on the basis of share of profit you need to file return.

mohammad tarique sohail (accountant) (196 Points)
Replied 17 September 2018

no partnership no company. just both have rented a shop . paid deposit 50000 : 50000 on stamp paper. both have to file income tax or anyone can file income tax return. we are as a co - Owner.