Itr for llp partner?

Hello,

Which form should LLP partners file? Is it ITR 3?

When we are trying to fill ITR 3, it asks for gross receipts, expenses, profit, etc. After filling those details it shows tax payable as some amount. For the LLP our customers have already done TDS and we would be getting refund. Personally our remuneration as partner is <3,00,000 and we don't have individual tax liability. 

Should we enter TDS details of LLP here?

Thanks in advance.

Replies (6)

Could someone please suggest? 

ITR3 is correct ITR for Partner...... but do not mix data of LLP......

For LLP file ITR5 separately.

In ITR 3 all the details of only PARTER as individual should be filled.

Choose business code as '00001'  Share of Income from firm only.

Choose No account to be maintained in 'general information'

Fill details of parnership details in schedule IF

Read the instruction before filling return as attached herewith.....

Good Luck ...

 

Dear Sir, Thanks for the pointing in the right direction.

Is there a cap of Rs.1,50,000 to be shown as partenrship firm remuneration? Should the rest of the amount be shown as profit from firm? For example, if partner took 25,000 per month from firm, under which section should this be shown? BP or IF?

Thanks again sir.

Everything depends upon the terms incorporated under the llp deed...... and subject to the limit u/s. 40(b) of IT act..  ie.

The Income Tax Act prescribes the ceiling limit upto which any payment of salary, bonus, commission or remuneration will be allowed as deduction for income of LLP, the limits of remuneration are outlined below: 
 

On First Rs 3,00,000 of book profit or in case of loss Rs 1,50,000 or at the rate of 90% of the book-profit, whichever is more
On the balance of book profit at the rate of 60%

 

Dear Sir, I am also an partner in LlP since 2017. And also a salaried person from other organisation. Our LLP is in process of striking off and has not made any profit in all financial year and there is no amount paid to me by LLP as a partner. So could u please suggest me which itr form should I fill. Thanks
Dear Sir, I am also an partner in LlP since 2017. And also a salaried person from other organisation. Our LLP is in process of striking off and has not made any profit in all financial year and there is no amount paid to me by LLP as a partner. So could u please suggest me which itr form should I fill. Thanks

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