Assessment Procedure

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Querist : Anonymous

Querist : Anonymous (Querist)

28 April 2010 Sir May I know the most justifiable answer for my query

Q: Mr X is a partner in a firm but not a working partner,whose turnover for the P.Y 2009-10 is Rs 75 Lakhs What is the due date of filing return?Under what head would his income be assessed to tax?If the income is interest on capital employed (not in receipt of any other income from partnership firm)

Very Urgent pls

CA Gangadhar Mishra

CA Gangadhar Mishra (Expert)
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28 April 2010 it depends on the source of income he has. if he is getting fixed sum as salary from the firm then due date will be 31st july, 2010 or if his salary and other income is based on the profit of the firm then due date is 30th sept,2010.

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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28 April 2010 AGREE WITH EXPERT.

CA. Kishore Choudhary

CA. Kishore Choudhary (Expert)
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28 April 2010 agreed

Aditya Maheshwari

Aditya Maheshwari (Expert)
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28 April 2010 Explanation 2 to Section 139(1) states as under:

Explanation 2.—In this sub-section, “due date” means,—

(a) where the assessee is—

(i) a company; or

(ii) a person (other than a company) whose accounts are required to be audited under this Act or under any other law for the time being in force; or

(iii) a working partner of a firm whose accounts are required to be audited under this Act or under any other law for the time being in force, the 30th day of September of the assessment year;

(b) in the case of a person other than a company, referred to in the first proviso to this sub-section, the 30th day of September of the assessment year;

(c) in the case of any other assessee, the 31st day of July of the assessment year.

it specifically states working partner. So due date is 31st July. I think this may be the most justifiable answer for ur query.