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
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
- CAPITAL GAIN BASE ON NOTIFICATION
- Taxable or Tax exempt
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- TDS Deducted AY-2013-14 Not Reflected in 26as
- ADVANCE PAYMENT OF ADVOCATE
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- CREDIT NOTES WITHOUT GST
- DIN reactivation
- Query – TDS on purchase of land from NRI under Income-tax Act, 2025
- Capital gain on sale and purchase of plot
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
