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How to file return of individuals for partners

SHILPA GANDHI (INTERNAL AUDITOR & FREELANCER ACCOUNTANT) (252 Points)

06 March 2009

If we are a partnership firms we are sharing profit prcentage basis.We are filing return for partnership firm.But how to file return of individual partners .Wht to show in return means the profit earned in partnership firm then it will be double taxation.I have to take loan for my house of Nearby Rs. 2300000 I have not filed any return for myself as individual.So wht can i do the best please let me know i Want to raise capital Rs. 3500000 lac within three years.

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6 Replies

SHILPA GANDHI (INTERNAL AUDITOR & FREELANCER ACCOUNTANT) (252 Points)
Replied 06 March 2009

I m having my pan no. I have took it three months back and two months back i also filed two years return but in rajasthan not in mumbai.Now i have to check status online how can i check the status.If my pan no. is not available online.How to register pan no.on income tax site.

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Sachin (Chartered Accountant) (419 Points)
Replied 06 March 2009

Originally posted by :SHILPA GANDHI
"	If we are a partnership firms we are sharing profit prcentage basis.We are filing return for partnership firm.But how to file return of individual partners .Wht to show in return means the profit earned in partnership firm then it will be double taxation.I have to take loan for my house of Nearby Rs. 2300000 I have not filed any return for myself as individual.So wht can i do the best please let me know i Want to raise capital Rs. 3500000 lac within three years.	"

Dear Shilpa,

the profit earned by partner from partnership firm is exempted in income tax so there is no double taxation.

Write me your query in detail so that i can give you an solution of it.my email id is sachinagarwalcallb @ gmail.com

kaustubh (CA, CS , CFM) (293 Points)
Replied 06 March 2009

the profit from partnership firm as exempted to partners u/s 10(2)a of the income tax act as the tax on it has already been paid by the partnership firm. However, any remuneration or interest paid to partners will be allowed as deduction to the firm and thereby taxablr to the partners.So the question of double taxation does not arise.

kaustubh (CA, CS , CFM) (293 Points)
Replied 06 March 2009

for checking your PAN Status you can check it on the nsdl site. And for checking your return status you can verify it on the incometaxindiaefiling site

kaustubh (CA, CS , CFM) (293 Points)
Replied 06 March 2009

for taking loan you may use the copy of return of the partnership firm alogwith the statement of accounts specifying your income in that

Some banks have linient norms

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LAXMIKANT JAIPURKAR (Practicing Company Secretary/Tax Consultant) (403 Points)
Replied 10 March 2009

Every partner has to file the individual returns. The profit of the partnership firm is exempted in the hands of the partners. The due date for filing the return for individual is 31st July for every year. However, you can file the return till the 31st March i.e. within a year after completiton of the year without any penalty, but interest on tax payable is required to be paid. One person can file the return upto next two years. However, the penalty of Rs. 5000/- for late filig of return may be asked by the department to pay. \

In my opinion, you should take the fast steps to file the return for the year ending 31.3.2007 before 31.3.2009, so that the due date should not lapse and also file the return for the year ending 31.3.2008 immediately. So that, in the next year, you will have the advantage of 3 years returns for obtaining any loan.

You also needs to show the firm's balance sheet and p&l to the financers for obtaining the loan otherwise the financers/bankers may object on your filing of returns at a time for the intention of obtaining the loan.

You may file the return anywhere in India, there is no need to file at Rajasthan only. But it will be better to modify the PAN details i.e. address ( you may also do it after the filing of return also).