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.
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.
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.
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