Rajib Saha (Accounts Officer) (239 Points)
19 October 2017Dear Sir,
ITR-3 has been changed compared to ITR - 3 of AY 2016-17. How to show remuneration received by a Partner ( from the FIRM) in ITR-3 for the AY 2017-18?
May please guide me.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(167973 Points)
Replied 19 October 2017
Income earned by the assessee by way of salary, commission, bonus, interest, etc. from other firms as if in the capacity of a partner, which has not been included in the profit and loss account of the proprietary business needs to be disclosed in item No. A24 in Schedule BP.
Amar Krishna Saha
(10 Points)
Replied 06 June 2018
chenna
(student)
(22 Points)
Replied 28 June 2018
if the individual is a partner in a firm and in itr it is mandatory section to fill nature of business but if we fill nature of business then the IT Dept. may ask for BS n P&L .....
Can any expert can solve my query????
Molly
(Others)
(115 Points)
Replied 28 June 2018
The following thread may help as I was having similar queries for ITR 3 https://www.caclubindia.com/forum/itr3-balance-sheet-data-468698.asp You can file via excel utility.
Prakash
(Student Others)
(50 Points)
Replied 06 July 2018
For AY 2018-19, I followed your steps and entered my renumeration of salary from Partnership firm under BP A24 and filed the returns.The returns was accepted but an email from IT dept followed stating that the ITR-3 returns is defective with following table:
Please advise:
Your Income Tax return ITR-3 uploaded for AAUPS7268L and AY 2018-19 has the following defect(s)
|
S.No. |
Defect |
Impact |
Suggested Resolution |
|
1 |
Income from "Profits and Gains from Business or Profession" is greater than 1.2 lakhs but particulars as in "Balance sheet/Profit &. Loss Account" are not filled |
Income Tax Return may be treated as defective if particulars in "Balance sheet/Profit &. Loss Account" are not filled |
Please fill Balance sheet/Profit &. Loss Account |
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(167973 Points)
Replied 06 July 2018
Yes, this is the defect in the utility, this year. All those who have filled the partner's remuneration like this have got similar e-mail. At the same time there is no link for reply to mail in the e-filing site...... which means it is just informative mail, and not to be worried.
Technically, you have filed perfectly, so question of any defect would not arise. CPC will automatically correct it.
Amar Krishna Saha
(10 Points)
Replied 06 July 2018
i have filed itr-3 on 13/06/2018.puting remunaretion from the firm in the colume A24 of the schedule BP of itr-3 without filling up balance sheet & p/l account. i have received a mail from income tax dept that the return was accepted but identified as defective.Resolution is to fill balance sheet & p/l account.But according to your veiws,it was known to me that this mail is informative & not worried & technical mistake in the utility.
so can i send the achknowledge copy to cpc ,bangalore for e-verification ?
Amar Krishna Saha
(10 Points)
Replied 08 July 2018
sir,
i have filed itr-3 on 13/06/2018 without fill up schedule BP & PL.But received a mail from income tax dept that this identifird by defective return.As you said that trere are mistake in the utility & mail from it dept was informative & do not worry about it.so can i send my achkowledgement copy of itr-3 [18-19] to cpc bangalore for e-varification?
N.s. Sudharsan
(35 Points)
Replied 11 July 2018
Prakash
(Student Others)
(50 Points)
Replied 11 July 2018
Someone just posted :
A new reply has been added to "Forum" thread at CAclubindia.com
how-to-show-remuneration-received-by-partner-in-itr-3
ITR-3 (AY 2018-19), In the Nature of business, Please Select Code No. "00001-Share of income from Firm only" if no other business / Profession under proprietorship or others. I think, the ITR wont be defective for not showing Balance Sheet and P&L details when we select this code as Nature of Business.
But I see there is no code starting with "00001-Share of income from Firm only" in the ITR 3 (AY 2018-19). Please advise correct code.
Prakash
(Student Others)
(50 Points)
Replied 11 July 2018
There is no code starting with "00001" in Nature of Business in ITR3 (AY 2018-19). Please advise
N.s. Sudharsan
(35 Points)
Replied 11 July 2018
how-to-show-remuneration-received-by-partner-in-itr-3
Someone just posted :
A new reply has been added to "Forum" thread at CAclubindia.com
how-to-show-remuneration-received-by-partner-in-itr-3
ITR-3 (AY 2018-19), In the Nature of business, Please Select Code No. "00001-Share of income from Firm only" if no other business / Profession under proprietorship or others. I think, the ITR wont be defective for not showing Balance Sheet and P&L details when we select this code as Nature of Business.
But I see there is no code starting with "00001-Share of income from Firm only" in the ITR 3 (AY 2018-19). Please advise correct code.
REPLY
I have latest excel utility (ITR-3 on 10.07.2018) and the code "00001-Share of Income from Firm Only" is very much avaialble in it. Copy of Screen Shot is enclosed for ready refrence.
N.s. Sudharsan
(35 Points)
Replied 11 July 2018
I have latest excel utility (ITR-3 on 10.07.2018) and the code "00001-Share of Income from Firm Only" is very much avaialble in it. Copy of Screen Shot is enclosed for ready refrence.
Read more at: https://www.caclubindia.com/forum/how-to-show-remuneration-received-by-partner-in-itr-3-430983.asp?offset=2
Prakash
(Student Others)
(50 Points)
Replied 11 July 2018
Thank you so much. IT3 - PR (released on 07.07.18) have this code "00001". So will use this form and get back if it still gives out the errors.
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