Income from partnership firm

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Querist : Anonymous

Querist : Anonymous (Querist)

24 March 2013 dear expert,

i & my brother has recd below income from partnership firm can u pls advise which income is taxable , under which head it is taxable and which form to fill to file income tax return

profit sharing ratio is 24 %
interest on capital recd INR 26607
Remuneration to partners INR 102986.50
Profit & Loss A/c INR 29911

Partnership firm profit for year INR 124630

thanks in advance

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

24 March 2013 Interest on capital and remunaration from partnership firm is taxable under the head income from business and profit from partnership form is exempted to tax.

Thus your total taxable income from partnership firm is Rs.129594(26607+102987)

If you haven't any other business income except income from partnership firm then ITR-3 Sufficient otherwise ITR-4 required to file.

I.e you haven't doing any other business then ITR-3 Sufficient.

OM SAI SRI SAI JAI JAI SAI

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

24 March 2013 thank you for such a quick reply

Querist : Anonymous

Querist : Anonymous (Querist)

24 March 2013 Hello sir,

i have download excel utility itr 3 from income tax site , and when i tried to fill the data it is showing below error

MICROSOFT VISUAL BASIC
compliance error in hidden module: module 1

can u pls advise how to correct it

thanks

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

24 March 2013 This is the problem and error by department Now all are facing the same problem and the department is not properlly responding for this error. So we can't do any thing now. So try to it get from any of your friend or coluge who are previously downloaded it. Unfortunately i previousely not downloaded ITR-3 so it not available with me otherwise i shall send you mail. However if we go to the help option then also no use as well as i also try to recover the problem. So while i recover the problem i will indicate you.

OM SAI SRI SAI JAI JAI SAI

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

24 March 2013 Hai, Just know i downloaded it from IT site it properly working at my system so please send your email id i will mail you such return form.

And please confirm is macros enabled in your system.

OM SAI SRI SAI JAI JAI SAI

Querist : Anonymous

Querist : Anonymous (Querist)

25 March 2013 thanks sir my email id is patelpiyush83@gmail.com

Querist : Anonymous

Querist : Anonymous (Querist)

25 March 2013 thanks sir my email id is patelpiyush83@gmail.com

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

25 March 2013 I send the mail to your Mail id with the attachment of ITR you required please confirm me the receipt of mail.

OM SAI SRI SAI JAI JAI SAI

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