Partner in a partnership firm which is liable to audit

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yashsr (Querist)
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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?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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.

yashsr

yashsr (Querist)
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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?

yashsr

yashsr (Querist)
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08 September 2013 Query is open(not resolved)

Just posting this to change status.

ramprasad

ramprasad (Expert)
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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.

yashsr

yashsr (Querist)
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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?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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.

yashsr

yashsr (Querist)
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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?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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09 September 2013 30th September 2013.
References:-
a) explanation 2(a)(iii) of section 139(1) and
b) explanation 4 of section 40(b).

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