Itr 3 for partner in partnership firm

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clearday (Querist)
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27 July 2018 Request with help on following:
1. Please confirm if new deadline is 31 Aug 2018 for filing ITR3 as partner in partnership firm.
2. Also please confirm if now it is mandatory to fill up full Balance sheet and profit and loss schedule in ITR3 if a partner wants to claim expense exemption like car insurance, car depreciation, car loan interest etc. ITR3 for AT2018-19 does not have a column to fill up expense column. We have not filled up balance sheet and profit loss till last year 3. Please confirm if it is fine to put Total income from firm as remuneration + interest on partner capital minus expenses in schedule BP of ITR3, line number A24 in others column. Let me know if return will be considered defective if we do this.

Appreciate if any clarification on above.

RAJA P M

RAJA P M (Expert)
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27 July 2018 If you have not any other business income then you can't claim such expenses.... Wait on further replies from our experts.

clearday

clearday (Querist)
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27 July 2018 Thank you. Yes. Do have Business income. Partners remuneration as well as interest on partners capital. Please suggest.

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