SHARE OF PROFIT
This query is : Resolved
08 July 2008
Hello Friends,
If the partnership firm is having 3 partners having equal share of profit. out of The 3 partners 1 partner had filed his I.T.Return for last 2 years incl. this year. But the firm & other 2 partners had not filed the ITR. The 3rd Partner had not considered his share of profit & interest & salary received from the firm. Now he does not want to revise his ITR. He will give his consideration on the stamp Paper that his income from the firm will be distributed to the other 2 partners. Whether it is acceptable?
If yes, in whose hands his income will be taxable (firm or other 2 partners)?
If the partnership firm is having 3 partners having equal share of profit. out of The 3 partners 1 partner had filed his I.T.Return for last 2 years incl. this year. But the firm & other 2 partners had not filed the ITR. The 3rd Partner had not considered his share of profit & interest & salary received from the firm. Now he does not want to revise his ITR. He will give his consideration on the stamp Paper that his income from the firm will be distributed to the other 2 partners. Whether it is acceptable?
If yes, in whose hands his income will be taxable (firm or other 2 partners)?
08 July 2008
By merely non filing of IT Return by the Firm or other partners, he is not resolved of his liability to include the Interest or Salary as his income for the relevant year. Also, relinquishment of his share in favour of other partners will make no difference. In case he fails to furnish his Copy of Capital Account with the Firm, then the firm may be asked by the AO to furnish the Capital Account for that purpose.
08 July 2008
But if the 3rd partner makes his statement today & for last 2 yrs then?
08 July 2008
But if the 3rd partner makes his statement today & for last 2 yrs then?
08 July 2008
THE RETURN OF THE FIRM IS PENDING........NOW AS PER SUPPLEMENTARY DEED EXECUTED BY ALL THE PARTNERS IN THE BEGINING THE NEW ARRANGEMENT IS CONFIRMED AND FIRM FILES RETURN ACCORDINGLY .........MAY BE SOME SOLUTION MAY COME ...............BUT UNILATERAL RELIQUISHMENT OF BENEFITS IS OF NO USE
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
- Itr 1 processing
- Reporting Income under Section 44ADA
- Off Market debit and credit transaction
- ITR 2 Short Term gain & Long term gain
- ITR validation error - Balance sheet is not filled
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR returnFY25-26
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR 1: Details for showing Exempt Income
- Registration as Authorised Representative of minor
- Article ship defecit
- Bank Accounts in Balance Sheet for ITR 3
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
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
