Say, a partner's contribution to a LLP was Rs. 50000. His share in profit & loss of the LLP is 50%. The LLP has made a loss of Rs. 20000 in business. According to his share ratio, his share of loss is Rs. 10000.
1) Where should I show the contribution amount, loss amount in the partner's individual file ITR-3?
2) Should I put the share of loss amount in the field "Amount of share in the profit" under Schedule IF? If yes, do I need to put a "-" sign before the amount?
(Please note the partner didn't make any income from the LLP)
Menu
Declaring loss from LLP in ITR-3
Replies (14)
There is a separate table for entering details of pan, capital contribution and profit sharing ratio in the firm.
if the itr takes negative value then enter the loss amount else just put 0.
if the itr takes negative value then enter the loss amount else just put 0.
LLP share whether it is profit or loss will be exempt in the hands of partner.
1) hence you should keep under "EI" tab under other exempt income. we should put negative figure. but I have doubt whether will it allow negative figure in that.
2) any you have to enter those details as he is a partner.
1) hence you should keep under "EI" tab under other exempt income. we should put negative figure. but I have doubt whether will it allow negative figure in that.
2) any you have to enter those details as he is a partner.
1) Is it the Schedule IF?
2) Is it taking negative value. So if I put the share of loss amount as -10000 in "Amount of share in the profit" box under Schedule IF, it will be a valid input right? Or, putting 0 will be more efficient?
@ Sivaramaraju G
1) Is it really necessary to declare the loss amount in Schedule EI? Can we just declare it in Schedule IF only? Or, we should declare in both Schedule EI & IF?
2) Can you please explain? I didn't get it.
Why i am saying you to put under EI tab because it is exempted u/s 10(2A). if it is income then we have to keep. now not required because utility is not allowing negative figures that means only exempted incomes need to show there.
just fill the details in Schedule IF. That's enough
@ Sivaramaraju G
In Schedule IF, it is allowing negative value. So if I put the share of loss amount as -10000 in "Amount of share in the profit" box under Schedule IF, it will be a valid input right? Or, putting 0 will be more efficient?
As it is allowing negative figures means we should keep loss figures also.
in the act profit includes loss as well.
Okay.. Thank you for your valuable time & guidance!
Ramaraju deserves all credits
Veer, I want you to take credit. you gave answer in single shot in first comment itself.
We had incorporated our LLP on 5th November, 2019. We are preparing our Form-11 up to 31st March, 2021 for the 1st time.
Which date should I put in "1.(b) - Start date of financial year for which annual return is being filed" in FORM-11?
05/11/2019 or 01/04/2019?
@ Veer @ Ramaraju can you help?
As per my understanding financial could be less than a year or it could be more than a year.
here in your case it is less than a year and you can put 05.11.2019. because your financial year started from this date only.
The start of financial year is no doubt from 05/11/19.
Thanks both of you. I really appreciate.
Recent Threads
- Invoice related audit
- Gst input credit related
- Updated ITR as missed the dead line
- Change if place of business l
- Purchase from unregistered dealer garments busines
- TDS DEDUCTED BUT NOT PAID BY EMPLOYER
- GST RCM GTA
- TDS Challan interst amount wrongly paid as surchar
- Query on TDS & Stamp Duty
- Query on form 26QB and TDS deduction
Related Threads
CAclubindia
