Become a Govt. Certified GST Practitioner in just 65 hrs. Subscribe Now!

ITR--could not show income from partnership firm

281 views 6 replies

Kamal Verma

Financial advisor

589 Points Joined December 2014

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?

Replies (6)

Guest

Yes he can revise return without penalty .

Kapadia Pravin

17264 Points Joined December 2018

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

Pranav Aggarwal

525 Points Joined April 2017

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

RAJA P M

"Do the Right Thing...!!!"

128116 Points Joined January 2015

@ 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.

Kamal Verma

Financial advisor

589 Points Joined December 2014

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.