I am preparing ITR 3 where to show income from firm and remuneration recieved....do i need to fill balance sheet and profit and loss also
Where to show firm share and remuneration recieved in partner itr 3
(Guest)
1 Replies
Kapadia Pravin
(17264 Points)
Replied 25 August 2019
Remuneration and interest received by partner from firm is taxable as Business income. However, share of profits from firm is not taxable in the hands of partner.
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