ITR 3 for partners

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143 Points Posted on 20 December 2020
is it compulsory to prepare balance sheet and profit and loss account while filing itr 3 for partners
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On 20 December 2020 at 21:44 Report
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This discussion clarifies whether a balance sheet and profit and loss account are mandatory when filing ITR 3 for partners. While not always compulsory, preparing these financial statements is recommended, especially if the firm is audited. It ensures a fair financial record, though the decision ultimately rests with the individual partner.

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Accountant
3662 Points Posted on 20 December 2020
No......
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On 20 December 2020 at 23:29
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Tax consultant
5895 Points Posted on 20 December 2020
Yes if audited
if firm is audited then it's better to show balance sheet of partners
non audit case in my opinion balance sheet is good to keep a fair record
but it's depends upon person if they want to show the financial statement others wise not
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On 20 December 2020 at 23:41
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143 Points Posted on 21 December 2020
Thanks a lot
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On 21 December 2020 at 07:00
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Profession
28261 Points Posted on 21 December 2020
First you have got to know what is itr 3.
Who can file itr 3?
partners in partnership firm..
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On 21 December 2020 at 08:50
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Accountant
4533 Points Posted on 09 January 2021
No ,....
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On 09 January 2021 at 01:30

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