My income include salary and share of profit from partnership firm. Firm is paying income tax on its profit filed I.T Return for A.Y 2019-20 showing my share of Profit from partnership firm. Though I have my share of profit ITR-3 and not included for calculation of Income Tax. However, I left blank by mistake schedule IF(Information regarding partnership firms in which assessee is a partner.). Now demand notice received from Income Tax , levying tax on my Share of profit in partnership firm which is exempted u/s 10(2A). Whether I have to submit revised return ?
06 March 2020
First you see the Intimation issued U/s 143(1)(a). You have to file a rectification return by quoting the CPC Order No , Date, Your Acknowledgement No of original return etc. Fill up the required Schedule . Generate XML and upload by complying the instructions.
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