Income tax in case of partnership firm
This query is : Resolved
27 December 2022
Kindly guide if one person has two businesses in which one is proprietory and in second business he is partner with 33% profit (without any remuneration and interest on firm means totally on profit sharing with 33% only) .so guide in that case while filing income tax return of individual is there any need to show profit of 33% when we have already paid tax while filing audit report and in return of partnership firm in 30th september.if yes then under which head we need to disclose the same in itr 3?
28 December 2022
Tax liability arises only on the proprietary business, while the share of profit earned in partnership is not added to his personal income, but the details of partnership firm are filled in relevant fields of ITR 3.
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