Partner in a partnership firm which is liable to audit
This query is : Resolved
08 September 2013
Hello,
There is a partner say named 'A' in a Partnership Firm 'ABC Enterprises'. The Partnership Firm is liable to tax audit whereas the individual is not. What will be the due date of filing the Income Tax Return for the individual A?
There is a partner say named 'A' in a Partnership Firm 'ABC Enterprises'. The Partnership Firm is liable to tax audit whereas the individual is not. What will be the due date of filing the Income Tax Return for the individual A?
08 September 2013
If A is a working partner and gets remuneration from ABC Entps, then due date to file IT return of A is 30th September, 2013 for asst yr 2013-14.
08 September 2013
What if A is not getting any Remuneration(but is a working partner) but is getting Share of Profit and Interest on Capital?
08 September 2013
Query is open(not resolved)
Just posting this to change status.
Just posting this to change status.
08 September 2013
Explanation 2 to section 139 says working partner of the firm, whose accounts are required to be audited under income tax, the due date is 30th Sep.
08 September 2013
Yes but is the partner a 'working partner' if he is actively involved in the business but not getting any Remuneration. He is getting a profit share and interest on his capital.
Is the due date 30th Sept or 31st July in this case?
Is the due date 30th Sept or 31st July in this case?
08 September 2013
If the firm is not covered under tax audit, due date to file IT return of the partner is 31 st July but extended to 5th August for asst yr 2013-14.
09 September 2013
Firm: Under Tax Audit
Partner: He is an active partner receiving share of profit and interest of capital from the above Partnership Firm. But he is not receiving any Remuneration.
Is the due date 5th Aug or 30th Sept in this case for AY 13-14?
Partner: He is an active partner receiving share of profit and interest of capital from the above Partnership Firm. But he is not receiving any Remuneration.
Is the due date 5th Aug or 30th Sept in this case for AY 13-14?
09 September 2013
30th September 2013.
References:-
a) explanation 2(a)(iii) of section 139(1) and
b) explanation 4 of section 40(b).
References:-
a) explanation 2(a)(iii) of section 139(1) and
b) explanation 4 of section 40(b).
Message likes :
1 times
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
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- Pass word to open justification report for Q1 for FY 2026-27
- Under construction property in ITR
- PPF interest-As Exempt Income disclosure
- Section 194JA & JB Income which ITR Form to use
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- New Garden in Place of Old Garden
- Indian IT Portal issue in computing tax as per UK-India DTAA
- F & O PROFIT REPORTING FOR AY 2026-27
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
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
