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Income tax filing AY-18-19 : Queries

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177 Points Posted on 27 September 2018
Just completed the Firm Audit file. Now can I file Individual Partners IT file for AY 18-19 related to the Firm ? And if so then can client pay the late fees for late filling as their income from this firm about 4.5 lacs or more ?
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On 27 September 2018 at 16:38 Report
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student ca final
724 Points Posted on 27 September 2018

There will not be any penalty for late filing of return in case of partners if partnership firm is subject to tax audit.

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On 27 September 2018 at 16:47
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"Do the Right Thing...!!!"
128152 Points Posted on 27 September 2018
Yes... I agreed to Mr Komal.,

Sec 234F is not levied to the Partner who is in the Partnership Firm if Firm is under Tax Audit.
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On 27 September 2018 at 17:21
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177 Points Posted on 27 September 2018
Thanks for valuable feedback.
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On 27 September 2018 at 17:33
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14 Points Posted on 28 September 2018
There is a penalty for late filing of ITR in case of sleeping partner and who is not receiving any remuneration as partner in the Audited Firm
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On 28 September 2018 at 18:19
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PARTNER
30 Points Posted on 06 October 2018

Agreed... If the working partner has a business income from proprietory concern, will 234F be levied? If not, where to disclose in ITR 3 that the firm was liable for Tax audit

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On 06 October 2018 at 12:33
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"Do the Right Thing...!!!"
128152 Points Posted on 06 October 2018
@ Ganesh Murugan.,

The Partner Earn income from Proprietorship Firm then also he can avail the due date of Tax Audit Date (15/11/18). Bcoz, He will show his both income in his ITR...

Any one of the Firm is under Tax Audit then He can use another one income to Tax Audit date individually.
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On 06 October 2018 at 13:05
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SERVICE
22 Points Posted on 21 November 2018

what is the last of date of filing of partners Income tax returns whose firms are liable to tax audit and file there returns on 31.10.2018

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On 21 November 2018 at 16:14
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"Do the Right Thing...!!!"
128152 Points Posted on 21 November 2018
Due date is 31st October 2018. The can be file 31st October 18 for the same day.
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On 21 November 2018 at 17:42


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