Applicable itr

This query is : Resolved

CA Aditya Shah (Querist)
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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.

Could you please suggest?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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31 August 2018 Prescribed is ITR-3.

Girish Aradhya

Girish Aradhya (Expert)
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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.

CA Aditya Shah

CA Aditya Shah (Querist)
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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?

Girish Aradhya

Girish Aradhya (Expert)
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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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