Due date of filing of itr for retiring partner of firm
This query is : Resolved
26 July 2017
Sir,
A is a retiring partner in ABC Firm, subject to Tax Audit. A, who was working partner, retiring w.e.f. 01 April 2016 through retirement deed dated 10 Jul 2016, with clause of settlement of accounts within 3 months. In facts his accounts could not been settled by 31 March 2017 and settled in Jul 2017. In this case which will be the due date of filing of ITR by A ? Whether it will be 31st Jul 2017 or 30th Sept 2017.
Regards.
A is a retiring partner in ABC Firm, subject to Tax Audit. A, who was working partner, retiring w.e.f. 01 April 2016 through retirement deed dated 10 Jul 2016, with clause of settlement of accounts within 3 months. In facts his accounts could not been settled by 31 March 2017 and settled in Jul 2017. In this case which will be the due date of filing of ITR by A ? Whether it will be 31st Jul 2017 or 30th Sept 2017.
Regards.
26 July 2017
Due date is 31-7-2017 since A is not a working partner in financial year 2016-17 since retired on 1-4-2016.
26 July 2017
If "settling of accounts" is independent of "retirement date", then 31/07/2017 would be ITR filing date.
If the wording of retirement deed is somewhat on these lines viz.....A shall retire with effect from 01/04/2016 OR the date on which A's account in the firm is settled by the ongoing partners, whichever is later......then 30/09/2017 would be ITR filing date
If the wording of retirement deed is somewhat on these lines viz.....A shall retire with effect from 01/04/2016 OR the date on which A's account in the firm is settled by the ongoing partners, whichever is later......then 30/09/2017 would be ITR filing date
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Liable to deduct tds and 44ADA
- Rent lease agreement
- Refund of 20%pre-deposit paid for stay application
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- TDS Challan Code
- Relief u/s Section 89
- Supply through E-commerce Operators
- STCG on ETF gold & silver
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
