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ITR 3 - where to include interest and remuneration received

Molly (Others) (115 Points)

15 December 2021

Hi, I am a partner of a firm and have received interest 3816/- and remuneration 19000/-. The firm is paying tax on actual profits as it is not presumptive basis so the CA said it has an audit and will file a Tax audit report. Turnover of the firm is 15lakhs. Please can someone guide me where do I enter the interest 3816/- and remuneration 19000/-?

Also should I select "Yes" for Whether the firm is liable for audit? and "No" for Whether section 92E is applicable to firm?

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9 Replies

Molly (Others) (115 Points)
Replied 15 December 2021

I found schedule BP - 24. Any other income not included in profit and loss account/any other expense not allowable (including income from remuneration , commission, bonus and interest from firms in which individual/HUF/prop. concern is a partner) to include the interest and remuneration (others)

Would appreciate if someone could confirm about the "Yes" for audit and "No" for section 92E

Thank you

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sabyasachi mukherjee (27574 Points)
Replied 15 December 2021

Pls upload the details so the same can be solved.

Molly (Others) (115 Points)
Replied 15 December 2021

Hi Sabyasachi, thank you so much for replying. I am trying to file my personal returns. Please could you confirm the details needed? Can I select all "No" for questions relating to the firm since the firm will file returns separately? The firm has turnover of 15,46,909/- and profit of 6571.56 and the CA of the firm said it will be audited as it will not be done on presumptive basis.