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Return of partners??

26 July 2018

is it compulsory to file income tax return of partners seperately with income tax return of LLP or company or firm.???
if they haven't any other income ...
if yes then which form??

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8 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (185456 Points)
Replied 26 July 2018

ITR3 should be filed by partner of firm in his/her individual capacity; provided aggregate income of the assessee from all sources exceed the Basic Exemption limit under IT act.

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Ravi Sharma (78 Points)
Replied 26 July 2018

sir is it compulsory to file partners return separately .... as I already give partners deatils in firms return in itr 5

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (185456 Points)
Replied 26 July 2018

Yes, if the aggregate income including that from firm is more than 2.50 lakhs (for <60 yrs age)..

as PAN of Firm and that of partner is different !!!

Ravi Sharma (78 Points)
Replied 26 July 2018

no sir this time thay have loss from the firm and no other source of income they have .... so should I file their individual return or not

RAJA P M ("Do the Right Thing...!!!") (128101 Points)
Replied 26 July 2018

Dear Ravi Sharma.,

As per our expert Mr Dhirajlal Rambhia Sir (Yes, if the aggregate income including that from firm is more than 2.50 lakhs )

It's not for Firm's income it's to Partners hand. If partners get "Remuneration and Interest" and it's exceed above 2.5 Lakhs then ITR Filing required to Partners...

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Ravi Sharma (78 Points)
Replied 26 July 2018

no sir they didn't get anything ....

RAJA P M ("Do the Right Thing...!!!") (128101 Points)
Replied 26 July 2018

It's mean...?!!!

Partners can't get "Remuneration and Interest" from the firm and no more any other income by individually then no need to file ITR (If no income or not exceeding BEL)