Hi,
I have the following query:
1. If a person has a proprietorship firm and a PAN card in the firm's name, will he have to file two ITRs - one in the firm's name and the second in his personal name, OR does he only need to file one return for the proprietorship firm?
2. For a professional or a proprietorship firm, what is the exempt amount for Life Insurance, Home Loan, and Vehicle Loan?
Waiting for your support.
Thanks & regards,
Miss Akansha.
From India, Mumbai
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5I have the following query:
1. If a person has a proprietorship firm and a PAN card in the firm's name, will he have to file two ITRs - one in the firm's name and the second in his personal name, OR does he only need to file one return for the proprietorship firm?
2. For a professional or a proprietorship firm, what is the exempt amount for Life Insurance, Home Loan, and Vehicle Loan?
Waiting for your support.
Thanks & regards,
Miss Akansha.
From India, Mumbai
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If he has two separate PAN cards (one for the firm and one for the individual), two returns are to be filed.
Tax exemption limits for individuals:
1. Life insurance premium - Up to 1 lac under sec 80C.
2. For individuals, Home loan - Interest up to 1.5 Lacs tax-free + principal up to 1 Lac under sec 80C.
Pon
From India, Lucknow
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Tax exemption limits for individuals:
1. Life insurance premium - Up to 1 lac under sec 80C.
2. For individuals, Home loan - Interest up to 1.5 Lacs tax-free + principal up to 1 Lac under sec 80C.
Pon
From India, Lucknow
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Hi,
Thank you for your reply. Please let me make it clearer for myself. For example, a person named Divya Mehra has a proprietorship firm named Professional Consultancy. She has a PAN card in her name, Divya Mehra, and also in her firm's name, Professional Consultancy. There is no other source of income, and all the income she earns is through her firm.
Please let me know which of the following is correct:
1. She will have to file two ITRs, one in her personal name (Divya Mehra) and the second in her firm's name (Professional Consultancy).
2. She will have to file only one ITR, i.e., in her firm's name - Professional Consultancy (no legal distinction between the owner and the business).
If point number 1 is correct, then she will have to file a NIL ITR in her personal name (no other source of income) and pay tax on her firm's ITR.
Looking forward to your support.
Thanks,
Miss Akansha.
From India, Mumbai
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Thank you for your reply. Please let me make it clearer for myself. For example, a person named Divya Mehra has a proprietorship firm named Professional Consultancy. She has a PAN card in her name, Divya Mehra, and also in her firm's name, Professional Consultancy. There is no other source of income, and all the income she earns is through her firm.
Please let me know which of the following is correct:
1. She will have to file two ITRs, one in her personal name (Divya Mehra) and the second in her firm's name (Professional Consultancy).
2. She will have to file only one ITR, i.e., in her firm's name - Professional Consultancy (no legal distinction between the owner and the business).
If point number 1 is correct, then she will have to file a NIL ITR in her personal name (no other source of income) and pay tax on her firm's ITR.
Looking forward to your support.
Thanks,
Miss Akansha.
From India, Mumbai
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Even if it is NIL ITR, a person holding PAN shall file return. — — — — — — — — — - Pon
From India, Lucknow
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From India, Lucknow
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Miss Akansha, it is not required to have two PANs. In the case of a proprietorship firm, the firm and the proprietor are one and the same. The firm doesn't have any other separate entity. Also, as per the provisions of the Income Tax Act, there is no provision of bearing more than one PAN in the case of a proprietorship firm. If you want to file a return for income tax, you would have to file it in your name and not in your firm's name.
From India, Delhi
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From India, Delhi
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Hi,
Can anyone suggest me about the income tax benefit one can claim (2014-15) for the house loan availed in the year 2012? An xls calculator would be very helpful for me.
For example: The value of the flat purchased in 2012 is 60 lakh. Total loan taken is 12 lakh at the rate of 10.25%. What would be the tax benefit under sections 80C & 80E for the years 2013-14 and 2014-15?
From India, Mumbai
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Can anyone suggest me about the income tax benefit one can claim (2014-15) for the house loan availed in the year 2012? An xls calculator would be very helpful for me.
For example: The value of the flat purchased in 2012 is 60 lakh. Total loan taken is 12 lakh at the rate of 10.25%. What would be the tax benefit under sections 80C & 80E for the years 2013-14 and 2014-15?
From India, Mumbai
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