I am a partner of a partnership firm who has retired during the year and received my share of capital. Apart from that I have interest income from bank. Which ITR should be filed? ITR 3 or ITR 1?
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You Should file ITR 3 for this, as ITR-1 is for only Salary Income & Icome from Other Source if Any.
| Originally posted by : CA Momin Owais Ahmed | ||
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You Should file ITR 3 for this, as ITR-1 is for only Salary Income & Icome from Other Source if Any. |
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agreed..........
ITR-3 is applicable under the following categories
- Indl.is a Partner in a firm
- Gains Income through ‘Profits or gains of business or profession’
- Gains Income by means of interest, salary, bonus, comm. ,remunration as a partner.
But I retired before the end of the financial year and is no longer a partner as at 31.03.2013. Is ITR 3 still applicable?
Yes, You have income from Partnership firm in the form of Interest & Remuneration, AND Exempted income i.e. Share in Profit of Partnership Firm.
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