31 August 2018
Hello Sir ! Now that Income Tax Return Forms have changed, which ITR is applicable to partner of Partnership Firm?
ClearTax Says ITR 2, but i'm not too sure whether that is correct or not.Reason being there is no 'Information about Firms in which you are partner' Tab in ITR 2.
31 August 2018
Share of profit earned from Firm by its partners shall be treated as Business Income of the Individual Partner. Hence, ITR 3 is applicable.
31 August 2018
Thank you Sir for the reply.! As you rightly said, I am making the return for a partner who has income from partnership firm. So in ITR-3 how shall i fill up the 'Balance Sheet' tab?
31 August 2018
If balance sheet for individual partner is not available, just fill serial no.6 (i.e. In case where regular books of account of business or profession are not maintained). That's it.
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