CA J.Alamelu lakshmi (Chartered Accountant) (852 Points)
31 July 2011What is the due date for filing Income tax return of a Dormant partner of a firm which is subject to Tax audit?
Devendra
(Chartered Accountant)
(4775 Points)
Replied 31 July 2011
31st July. Unless there is any notification for extension of the prescribed due date.
Regards,
Devendra
CA J.Alamelu lakshmi
(Chartered Accountant)
(852 Points)
Replied 31 July 2011
But this applies only to active partners only as per the act. what abt sleeping partners?
CA J.Alamelu lakshmi
(Chartered Accountant)
(852 Points)
Replied 31 July 2011
If it is 31st July, it is not possible to know the share of profit since the firm would not ve computed the same yet. Though profit share is exempt u/s 10, we are supposed to show it in the return right?
Ashok J
(CA Final)
(880 Points)
Replied 31 July 2011
For the partner of a firm covered under tax audit, 30 sep is last date. I dont think being dormant or active makes a difference
CA J.Alamelu lakshmi
(Chartered Accountant)
(852 Points)
Replied 31 July 2011
But the act specifically says abt working partner only.
CA Ashwani Agarwal
(Practice)
(3049 Points)
Replied 31 July 2011
For active partners. 31st september. For sleeping partner 31st july.
It is basically because sleeping partners do not get salary so their computation can be made easily.
CA J.Alamelu lakshmi
(Chartered Accountant)
(852 Points)
Replied 31 July 2011
But what abt the share of profit? Is it ok if the return is filed without mentioning the same?
Devendra
(Chartered Accountant)
(4775 Points)
Replied 31 July 2011
For active partners the due date for filing the ITR is 30th September.
CA J.Alamelu lakshmi
(Chartered Accountant)
(852 Points)
Replied 31 July 2011
I'm asking abt sleeping partners' due date.
CA Ashwani Agarwal
(Practice)
(3049 Points)
Replied 31 July 2011
The same is exempt to a partner but you have to mention it in the ITR 3
CA J.Alamelu lakshmi
(Chartered Accountant)
(852 Points)
Replied 31 July 2011
But the firm wud not ve computed the profit share yet and so how can I mention it in the return now?
CA Ashwani Agarwal
(Practice)
(3049 Points)
Replied 31 July 2011
But then what deifference does it makes even if you file the return after the due date.
If the return is below 160000 then no interest or penalty
And if the income is more than the limit then only interest is payable for late filing. Thats it, so i dont think you should worry about that.
CAclubindia
