Due date for a partner of a firm

31st July. Unless there is any notification for extension of the prescribed due date.

Regards,

Devendra

But this applies only to active partners only as per the act. what abt sleeping partners?

31st july...

If it is 31st July, it is not possible to know the share of profit since the firm would not ve computed the same yet. Though profit share is exempt u/s 10, we are supposed to show it in the return right?

For the partner of a firm covered under tax audit, 30 sep is last date. I dont think being dormant or active makes a difference

But the act specifically says abt working partner only.

For active partners. 31st september. For sleeping partner 31st july.

It is basically because sleeping partners do not get salary so their computation can be made easily.

But what abt the share of profit? Is it ok if the return is filed without mentioning the same?

For active partners the due date for filing the ITR is 30th September.

I'm asking abt sleeping partners' due date.

The same is exempt to a partner but you have to mention it in the ITR 3

But the firm wud not ve computed the profit share yet and so how can I mention it in the return now?
 

But then what deifference does it makes even if you file the return after the due date.

If the return is below 160000 then no interest or penalty

And if the income is more than the limit then only interest is payable for late filing. Thats it, so i dont think you should worry about that.

Ya thanks