Filing of return
This query is : Resolved
11 August 2012
An Assessee has following income:-
Share of Profit in Partnership Firm:- Rs 7,00,000/-
Interest form Saving Bank A/c:- 8000/-
Whether it is mandatory to File Income Tax Return for the Said Assessee ?
Share of Profit in Partnership Firm:- Rs 7,00,000/-
Interest form Saving Bank A/c:- 8000/-
Whether it is mandatory to File Income Tax Return for the Said Assessee ?
11 August 2012
Share in profit of partnership firm is exempt from tax.
Accordingly, the total income of the assessee is Rs. 8,000
SInce the total income is less than the exemption limit, he is not required to file return of income.
However, you have not provided details of remuneration received from the firm.
The remuneration is taxable in the hands of the partner.
If the amount of remuneration exceeds the exemption limit, he will have to file the return.
Accordingly, the total income of the assessee is Rs. 8,000
SInce the total income is less than the exemption limit, he is not required to file return of income.
However, you have not provided details of remuneration received from the firm.
The remuneration is taxable in the hands of the partner.
If the amount of remuneration exceeds the exemption limit, he will have to file the return.
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