Returns Filling
Abhishek Selvam O (374 Points)
28 March 2020
If my father is running sole proprietorship business and I am employed in a company should we file returns separately.
5 Replies
(Guest)
Yes Abhishek selvam, you and your father needs to file Income Tax Retur separately.
Because as per Income Tax Act, "Every Person" is require to file Return of Income Tax if his income is exceed Rs. 250000 ( in case of person less than age of 60) and Rs. 300000 ( in case of person age of 60 years or more )
Because as per Income Tax Act, "Every Person" is require to file Return of Income Tax if his income is exceed Rs. 250000 ( in case of person less than age of 60) and Rs. 300000 ( in case of person age of 60 years or more )
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 28 March 2020
Yes... I agreed to Mr Karan Singh reply...
@ Mr Abhishek Selvam O.,
Yes... Your father and You can file Income-tax return...
For You :
If You have only salary then file ITR against Your salary. In case You earn any business incomes then also file with both incomes in ITR...
@ Mr Abhishek Selvam O.,
Yes... Your father and You can file Income-tax return...
For You :
If You have only salary then file ITR against Your salary. In case You earn any business incomes then also file with both incomes in ITR...
Spurto Consultancy Services
(Consultant)
(1891 Points)
Replied 29 March 2020
Mr. Abhishek, You and your father are holding separate PAN and are distinct individuals hence, Income Tax return have to be filed individually.
You will report your salary income from the Company in your IT Return. Your father will report income from Business & Profession in his IT Return.
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 29 March 2020
@ Abhishek Selvam O,
Employing in a company doesn't relieve you from filing ITR.
You must file ITR even if your company deducted entire tax in the form of Tds.
Few employees from MNC's and other companies are of the view that since the company deducted tax , employees are not liable to file to ITR.
ITR filing is PAN based.
So you , your father and even your company all must file ITR's
Employing in a company doesn't relieve you from filing ITR.
You must file ITR even if your company deducted entire tax in the form of Tds.
Few employees from MNC's and other companies are of the view that since the company deducted tax , employees are not liable to file to ITR.
ITR filing is PAN based.
So you , your father and even your company all must file ITR's
CA ARPIT BANGA
(job )
(376 Points)
Replied 31 March 2020
Yes you have to file separate return . Because you both are working as different individuals
Recent Topics
- Issue with refund for person who has filed for rel
- How to take ITC for October 2024 GST Payment in PM
- How to refund a wrong transaction Phone Pe?
- Avoiding tax audit in case of intraday equity loss
- Form 3CEAB
- Form 3CEAA and Form 3CEAB
- DIR 3 Web KYC
- Can i declare LTCG income as business income if I
- Stock entry in new software
- I have an EMI collection shop, what is its SAC cod
Related Threads
CAclubindia
