ITR FILING INDIVIDUAL

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This discussion clarifies the ITR filing deadline for individuals who are both sole proprietors and partners in a firm. If the firm is filing its Income Tax Return (ITR) under a tax audit (Section 44AB), partners can file their individual ITRs by 31st October, even if they receive remuneration and interest. This date applies even if the firm's filing is delayed until October or November due to tax audit or transfer pricing requirements, overriding the usual July deadline for individuals.

raghavendra b

raghavendra b (Querist)

05 July 2023 DEAR SIR,

ONE OF MY CLIENT IS SOLE PROPRIETOR OF A TRADING BUSINESS AND ALSO PARTNER IN A FIRM MY QUERY IS THE FIRM FILING ITS ITR RETURN IN OCT MONTH OR NOVEMBER MAY BE WILL BE DELAY IN FILING MY CLIENT RECEIVE REMUNERATION AND INTEREST SO INDIVIDUAL SHOULD FILE HIS ITR RETURN BEFORE JULY IN THIS MY CLIENT IMPOSSIBLE TO FILE DUE DATE WHAT DO.

REGARD

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

05 July 2023 If the firm is filing its ITR under tax audit in October, or with transfer pricing reports in November, then the last day to file individual ITR of partners will be same i.e October, and not July.

raghavendra b

raghavendra b (Querist)

05 July 2023 thank you sir,

yes sir the firm filing under tax audit u/s 44ab so partners clubbing income from their individual income and partnership income.

thank you sir

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

05 July 2023 Active Partners can file their ITRs before 31st October, 2023, when the firm is also filing its ITR under tax audit.

raghavendra b

raghavendra b (Querist)

05 July 2023 thank you sir,

so my client is active a partner in his uncle' s firm and also his owned proprietorship entity we should file after allotment of remuneration and interest for the partners so my client should file his itr as a partner

regrds

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

05 July 2023 Yes, he should file his ITR under his PAN, where in declare his proprietorship business income and also remunerations from partnership firm.

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