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Income Tax Return

06 July 2018

If a person is a partner in firm and received remuneration ,share of profit,and interest on capital does he is liable to maintain books of account and show Balance Sheet and Profit and loss in detail in ITR-3

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3 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (173077 Points)
Replied 06 July 2018

No...... if he is not having any proprietorship business.....

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Anjali P Nair (ACA,ACMA) (582 Points)
Replied 06 July 2018

ITR 3 is mandatory for partners of firm from AY 2018-19 onwards.

If P& L is not filled notice under section 139(9) will be issued showing as defective return.Experts are of the opinion that give clarifications to such notice based on Incometax Act & Rules.There is no clarification regarding this till now.

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