remuneration received by partners

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rajesh (Querist)
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24 September 2010 Remuneration received by partners is taxable in the hands of Partners. Now the problem is where to state the figure of remuneration in ITR 4 of partner? Please guide me.
Thanks

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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24 September 2010 Show it under the head salary.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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24 September 2010 Partner of a firm has to file his/her return in ITR-3. Remuneration and interest received from partnership firm has to be shown in Schedule BP of the said form.

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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24 September 2010 Sir what if the partner also has a proprietorship business, as seems to be the case here?

Aditya Maheshwari

Aditya Maheshwari (Expert)
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24 September 2010 Both are partly correct.

ITR - 4 needs to be filed but the income would from business only as per section 28.

U can show salary from partnerhip firm received in
Schedule BP - Computation of income from business or profession

A) From business or profession other than speculative business
23) "Any other income (including income from salary, commission, bonus and interest from firms in which an individual/ HUF/ Prop. concern is a partner) not included in profit and loss"

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