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ITR--could not show income from partnership firm

Kamal Verma (Financial advisor) (582 Points)

14 September 2019

Dear experts,

An individual has filed ITR for AY 2019-2020 before 31st August without showing income from partnership firm (Interest and remuneration) in which he is one of the partner and firm's account are under audit. Can he revise return with or without penalty?

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6 Replies

(Guest)

Yes he can revise return without penalty .

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Kapadia Pravin (17259 Points)
Replied 14 September 2019

He must file revised return ITR3 immediately.

There won't be late fee under 234F but on tax amount (consequent to adding interest and Remuneration from firm,) he has to pay tax alongwith interest under 234B & 234C

Pranav Aggarwal (525 Points)
Replied 14 September 2019

Where to show remuneration and interest received from partnership firm in ITR 3

and how much amount he will taken as income in his ITR

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 14 September 2019

@ Kamal Verma.,

Yes... I agreed to CA Jyotsna view.

Late fee not applicable for the revision of ITR. You can file without Late Fee and add the incomes from partnership Firm.

Kamal Verma (Financial advisor) (582 Points)
Replied 14 September 2019

Originally posted by : RAJA P M
	@ Kamal Verma., Yes... I agreed to CA Jyotsna view.Late fee not applicable for the revision of ITR. You can file without Late Fee and add the incomes from partnership Firm.