Krishna seva das (TAX CONSULTANT) (1070 Points)
28 July 2014WHERE TO SHOW PROFIT FROM PARTNERSHIP FIRM IN ITR ???
PARTNER IS EXEMPT FROM FIRM INCOME .. RIGHT ???
HOW TO FILE SUCH INCOME
Hitesh Khanna
(Accounting & Finance Taxation Company Law Audit )
(839 Points)
Replied 28 July 2014
You Need to Use ITR 3 to File Such as Return of Income.
1. There is a worksheet named (Exempt income) EI in the ITR Sheet. Profit from Pattnership Firm Shall Come There.
2. Fill in the Income details like Remuneration and Interest in the Sheet Named BP
3. Also Enter Profit from Firm and partners share in profit in sheet SPI-SI-IF
sudhir
(practicenor)
(229 Points)
Replied 22 August 2014
if Company is having profit from the the Partnership Firm, so where can we show profit in ITR From-6?
And Same income from profit from partnership firm is where showing in Profit & Loss Account?
S. Roy
(Web Expert)
(31 Points)
Replied 08 July 2018
| Originally posted by : Hitesh Khanna | ||
 |
You Need to Use ITR 3 to File Such as Return of Income. 1. There is a worksheet named (Exempt income) EI in the ITR Sheet. Profit from Pattnership Firm Shall Come There. 2. Fill in the Income details like Remuneration and Interest in the Sheet Named BP 3. Also Enter Profit from Firm and partners share in profit in sheet SPI-SI-IF |
 |
Can you please elaborate the point no. 2
In which section should we show the Partners Remuneration and Interest in Schedule BP sheet ??
S. Roy
(Web Expert)
(31 Points)
Replied 08 July 2018
If we do the same then what should we put in others fields of PL and Part A Balance sheet page? leave it blank ?
I am asking for those people who received remuneration and Int. on Cap from a partnership firm
Venkatesh Dangeti
(CA Final)
(881 Points)
Replied 08 July 2018
SORRY.
Show it in Schedule BP:Details of Income from Firms of which partner. Total Income schedule automatically fetches PGBP income from there
PRASAD SOORINEETI
(CA)
(22 Points)
Replied 30 July 2018
Dear Sirs,
01. In the case of a parter of firm engaged in accounting and auditing work, what business code to be used ? Is it 0001 or 16002 ?
02. The partner's share in the profit of the firm is around Rs.75000/- and remuneration credited to capital account is around Rs.180000/-.
03. As filling up of P&L and Balance Sheet is not manadatory as indicated in various replies, only schedule BP and other relevant schedules are only filled in.
Shall be glad to be guided in the matter.
Regards.
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