By mistake missed Profit from Firm in ITR

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This query is : Resolved

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A user mistakenly omitted their profit from a partnership firm when filing their ITR-2, which also included salary income. They are seeking guidance on how to correct this error. Experts advise that if only profit was missed, a revised return might not be necessary as it could be exempt. However, if salary or interest from the firm was also involved, ITR-3 should be filed, reporting the income under the business and professional income schedule.

Deepak Rawat

Deepak Rawat (Querist)
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01 November 2023 Hi Experts,
One of my friend has filled ITR - 2 as he is a Partner in a Partnership Firm and he has Income from Partnership Firm (Profit). Along with above income, he has Salary Income from another company.
At the time of filling ITR-2, he showed only Salary Income and by mistake forgot to submit detail of Income from Partnership Firm.

Please guide, how to rectify the same.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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02 November 2023 Section 139 (5) of the Income Tax Act of 1961 allows taxpayers to file a revised income tax return if they have made mistakes in the returns filed earlier.

Deepak Rawat

Deepak Rawat (Querist)
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09 November 2023 Thank You Sir,
Please guide under which schedule Income from Profit from Partnership Firm is to be fill in ITR 2 ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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10 November 2023 Only profit from partnership firm it's exempt income no need to file revised return.
In case of salary and interest income from partnership firm, you have to file ITR 3.
Show such income in business and professional income schedule.

Deepak Rawat

Deepak Rawat (Querist)
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10 November 2023 Always thankful to you sir for support and advise...

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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10 November 2023 You are welcome...
...

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