Easy Office
Easy Office

How to show remuneration received by partner in itr-3

Page no : 2

Prakash (Student Others) (50 Points)
Replied 12 July 2018

I just filed the ITR3 (AY 2018-19) with the new released software dated 07/07/18. In nature of business I have entered code "00001" has suggested. Under BP A24 the new ITR3 has break up table like Salary, Commission, Interest, others. I filled the value under BP A24 a) Salary. Was able to successfully file the ITR3 and got the ITRV. Later the same email from IT Dept that the returns are defective and asking to fill in the P&L and BS.

Please advise.


N.s. Sudharsan (35 Points)
Replied 12 July 2018

Seems It is technical error, just ignore it. P&L and BS details do not require for the individual who is having business income only from the firm. Looks like they updated excel utility but not updated the software which is checking correctness of subnitted ITR forms. As you have successfully submitted, CPC will process your return and revert in case requires any more details.

Kartikeya Patel (IT Freelancer) (32 Points)
Replied 12 July 2018

I found... IF Total of ITR-3_AY_2018-19 Schedule-BP A-24 Total is more than 1,26,000 ( any slary/interest etc..) it throws the error ... defective u/s 139(9). and ask for b/s and p&l it will start from 1,26,001


KALI KANT JHA (9 Points)
Replied 13 July 2018

An Individual having income from partnership firm as remuneration , Interest on capital, share of profit has not any ITR UTILITY at efiling portal. Probably it is blunder.

As far as ITR 5 available at eportal of IT site is not working properly. After filling the form save dradt is working but when save button is click, it says ' Invalid ITR or assesment year' is wrong.

Department must have take immediate action to ressolve the problem or has to purchase fortware from market.

CA K K JHA


Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (171414 Points)
Replied 13 July 2018

" An Individual having income from partnership firm as remuneration , Interest on capital, share of profit has not any ITR UTILITY at efiling portal."

Individual (partner in a firm) has to file ITR3. 

ITR 5 is for Partnership firm or AOP/trust ...

2 Like


Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (171414 Points)
Replied 13 July 2018

" An Individual having income from partnership firm as remuneration , Interest on capital, share of profit has not any ITR UTILITY at efiling portal."

Individual (partner in a firm) has to file ITR3  with '00001' business code  ....

2 Like

S. Roy (Web Expert) (31 Points)
Replied 13 July 2018

Thanks for your valuable information.
As the updated ITR3 is much easier to mention income from partnership firm rather than the previous version.

These are the breakups:

Schedule BP - A 24a, 24b, 24c, 24d, 24e
 

 

1 Like

Amar Krishna Saha (10 Points)
Replied 13 July 2018

I have filled ITR 3 for 2018-19 on 13th June. I have received a mail from Income tax department that the return was identified as defective. But aaccording to Mr. Rambhia can I submit my acknowledgement of my return for E-verification to CPC Bangalore. Am I right or not please inform me.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (171414 Points)
Replied 14 July 2018

In case you have filled all the require details  and if you are not having propritorship concern whose details are required to be filled in BS & P&L accounts........ then no question of any defect. This is auto-generated intimatation all most all ITR3filers have received........ without any link for reply in the e-filing account.

Secondly, let the CPC clarify about any defect, which needs to be rectify; at that time one can file rectification.........

1 Like

Saravana kumar (Tax Consultant) (170 Points)
Replied 14 July 2018

Rambhia Sir, Please advise me, my client want's to file 2015-16 and 2016-17 ITR's now for VISA purpose, what are all the possibilities for filing the same now either online or offline.



Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (171414 Points)
Replied 14 July 2018

@ Saravana kumar......

Officially only one way, in case any refund due or loss to be carried forward (of that particular year)..... i.e. u/s. 119(2)(b) 

But otherwise check with your Juridictional ITO office for any NIL compliance cerification, for the specific purpose.


Saravana kumar (Tax Consultant) (170 Points)
Replied 15 July 2018

Thanks a lot, sir. I will check my jurisdictional officer.


AKHIL AGGARWAL (AUDIT INCHARGE) (22 Points)
Replied 13 August 2018

Fill the Last details in the sheet BS and Profit and Loss named "No Account Case"

In Balance sheet:

6a

6b

6c

6d

and in Profit and Loss:

53(i)

53(ii)

Interest and Remuneration in Sheet BP:

24a, b, c, d, e


chMahesh Babu (Student CA IPC / IPCC) (32 Points)
Replied 28 August 2018

Sir,my partnership firm Turnover 8lacs and net profit is 53000 after deducting of all including of partners remuneration and interest alsi....is audit is applicable...plz suggest sir.


Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (171414 Points)
Replied 28 August 2018

If all transactions are through banking channel....... no tax audit liability......



Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Join CCI Pro


Subscribe to the latest topics :

Search Forum: