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ITR for a partner

Sumat Sethi (CPT) (63 Points)

14 July 2018

Uptill PY, In the ITR of a form no P/L A/c. and B/S. were required to be filed. From the current year, ITR- 3 has been lrescrived for partners in which even if we put remuneration details of a partner received from firm it shows requirement of Profit and Loss and Balance Sheet. My question is that is it mandatory to file P/L and B/S and if yes, will these statements be of the firm or Partner's personal statements?

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5 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (171414 Points)
Replied 14 July 2018

"My question is that is it mandatory to file P/L and B/S "

No. Unless the partner has any proprietorship business.......

But there is some defect in the filing system, and all those (partner) who have filed ITR3, are receiving 'defective' massage from CPC (auto-generated)

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Sumat Sethi (CPT) (63 Points)
Replied 14 July 2018

exactly as soon you file the return they send the message of defective return. In my case the firm is liable for audit and partners get remuneration from the firm and have other income such as interest. As soon as i fill the remuneration details the ITR requires me to fill the Profit and Loss and Balance Sheet which i am unable to understand as if there is a defect in the ytility or in the policy

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (171414 Points)
Replied 14 July 2018

First of all your last date of filing ITR would be 30.09.2018. (being partner of firm having tax audit liability). So, you can wait for upgraded version of the utility.. ..

Secondly it is defect in utility..... which they have partly removed by additional code for partner/s. i.e. '00001' ; but massage triggers even without any reason.

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