ITR--could not show income from partnership firm

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422 Points Posted on 14 September 2019

Dear experts,

An individual has filed ITR for AY 2019-2020 before 31st August without showing income from partnership firm (Interest and remuneration) in which he is one of the partner and firm's account are under audit. Can he revise return with or without penalty?

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On 14 September 2019 at 15:53 Report
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Posted on 14 September 2019
Yes he can revise return without penalty .
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On 14 September 2019 at 16:26
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10683 Points Posted on 14 September 2019
He must file revised return ITR3 immediately.

There won't be late fee under 234F but on tax amount (consequent to adding interest and Remuneration from firm,) he has to pay tax alongwith interest under 234B & 234C
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On 14 September 2019 at 16:27
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311 Points Posted on 14 September 2019
Where to show remuneration and interest received from partnership firm in ITR 3

and how much amount he will taken as income in his ITR
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On 14 September 2019 at 16:39
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"Do the Right Thing...!!!"
77792 Points Posted on 14 September 2019
@ Kamal Verma.,

Yes... I agreed to CA Jyotsna view.

Late fee not applicable for the revision of ITR. You can file without Late Fee and add the incomes from partnership Firm.
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On 14 September 2019 at 18:05
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422 Points Posted on 14 September 2019
Originally posted by : RAJA P M
@ Kamal Verma., Yes... I agreed to CA Jyotsna view.Late fee not applicable for the revision of ITR. You can file without Late Fee and add the incomes from partnership Firm.

Thanks Mr. Raja & CA Jyotsna.

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On 14 September 2019 at 18:39
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10683 Points Posted on 14 September 2019
@ Pranav
Interest and Remuneration are to be shown under PGBP
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On 14 September 2019 at 18:46

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