Valerian Dsouza (Manager Audit & Taxation) (413 Points)
29 July 2013A Partnership Firm has income from ONLY Machinery let out on Rent.
It has discontinued business activities!
1. Whether such rental income (about 3 lacs per annum) should be shown under business income
or income from other sources?
2. Whether the firm is required to file assets and liabilities statement?
3. ITR Form No. to be used for filing Return
Thanks for your kind advice and support!
Regards,
Valerian DSouza
Mihir
(Wealth Manager)
(5293 Points)
Replied 29 July 2013
ITR-5 will be applicable for partnership firm.
If the object of the business is letting out machinery, then it will be business income.
I think LLP is required to file assets and liabilities statement with ROC.
CAclubindia
