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Income tax filing AY-18-19 : Queries

N Das (177 Points)

27 September 2018

Just completed the Firm Audit file. Now can I file Individual Partners IT file for AY 18-19 related to the Firm ? And if so then can client pay the late fees for late filling as their income from this firm about 4.5 lacs or more ?

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8 Replies

Komal (student ca final) (724 Points)
Replied 27 September 2018

There will not be any penalty for late filing of return in case of partners if partnership firm is subject to tax audit.

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RAJA P M ("Do the Right Thing...!!!") (127911 Points)
Replied 27 September 2018

Yes... I agreed to Mr Komal.,

Sec 234F is not levied to the Partner who is in the Partnership Firm if Firm is under Tax Audit.

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N Das (177 Points)
Replied 27 September 2018

Thanks for valuable feedback.

Bhoomeshwar Gudla (14 Points)
Replied 28 September 2018

There is a penalty for late filing of ITR in case of sleeping partner and who is not receiving any remuneration as partner in the Audited Firm

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Ganesh Murugan (PARTNER) (30 Points)
Replied 06 October 2018

Agreed... If the working partner has a business income from proprietory concern, will 234F be levied? If not, where to disclose in ITR 3 that the firm was liable for Tax audit

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RAJA P M ("Do the Right Thing...!!!") (127911 Points)
Replied 06 October 2018

@ Ganesh Murugan.,

The Partner Earn income from Proprietorship Firm then also he can avail the due date of Tax Audit Date (15/11/18). Bcoz, He will show his both income in his ITR...

Any one of the Firm is under Tax Audit then He can use another one income to Tax Audit date individually.