filling of return
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 June 2010
if company can become partner than what is the tax implication and which return it would file ITR-3 OR ITR-6?
29 June 2010
hi,
As far as the tax implication is concerned share of profit from partnership will be exempt u/s 10(2A) of IT Act, 1961.
Exemption will be : An amount which bears to the total income of the firm the same proportion as the amount of his share in the profits of the firm in accordance with the partnership deed bears to such profits.
For filing of income tax returns form ITR 3 is for individuals and HUFs partners in some firms and ITR 6 is only for companies. so ITR 6 should be filed by you. Also you can visit the below mentioned link for further information.
https://www.incometaxindia.gov.in/download_all.asp.
in case of any help do mail me at mihir.shah2112@gmail.com
As far as the tax implication is concerned share of profit from partnership will be exempt u/s 10(2A) of IT Act, 1961.
Exemption will be : An amount which bears to the total income of the firm the same proportion as the amount of his share in the profits of the firm in accordance with the partnership deed bears to such profits.
For filing of income tax returns form ITR 3 is for individuals and HUFs partners in some firms and ITR 6 is only for companies. so ITR 6 should be filed by you. Also you can visit the below mentioned link for further information.
https://www.incometaxindia.gov.in/download_all.asp.
in case of any help do mail me at mihir.shah2112@gmail.com
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