Where to show profit from partnership firm in itr
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160332 Points)
Replied 25 July 2017
Schedule-IF- Information regarding partnership firms in which you are partner
(i) This Schedule is to be filled if you are a partner in a firm. Details of each firm in which you are partner are to be provided.
(ii) In column (i) of the Schedule, furnish the amount of share in the profit of the firm (amount of profit) as computed in accordance with the provisions of the Income-tax Act in case of the firm. Such share is exempt from tax in hands of the partner.
(iii) In column (ii), please furnish the amount of capital balance (including the capital on which you are entitled for an interest) in the firm in which you are partner.
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