Filing of return

This query is : Resolved

AAKASH SHARMA (Querist)
Follow

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 ?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

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.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

THUSHAR MURALI KRISHNA

ACCFIN SOLUTIONS

Vishal Kapadiya

Sagar Khakhiwala

JAYDEEP MITRA

Subscribe Now

Filing of return

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Manager- Finance and Compliance

Accountant

Senior Executive

GST CONSULTANT

CA Final

GST CONSULTANCY