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ITR for partners having income from partnership firm

20 October 2018

which ITR to be used for AY 18-19 to file partners returns who have income from partnership firm (remuneration and interest on capital ).

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8 Replies

Bhaskar Kansal (13 Points)
Replied 20 October 2018

form 3 is to be used,

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preeti walawalkar manihar (56 Points)
Replied 20 October 2018

which sheet to use to reflect this income ?

Hitesh Khanna (Accounting & Finance Taxation Company ) (839 Points)
Replied 20 October 2018

ITR 3.
While selecting nature of business/profession on the second Tab , select code 0001 (the first option from the list).
Let me know if you have any other queries.

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preeti walawalkar manihar (56 Points)
Replied 20 October 2018

since there is no dedicated tab to enter partners remuneration and interest on capital, do we show it in BP sheet

Hitesh Khanna (Accounting & Finance Taxation Company ) (839 Points)
Replied 20 October 2018

no.. there is a dedicated place for the same as well..

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preeti walawalkar manihar (56 Points)
Replied 20 October 2018

which sheet can I find the same ?

Anoopa H P (Member of ICAI CS Executive) (192 Points)
Replied 20 October 2018

Partners having income from partnership have to use ITR 3 .
Income from partneship firm such as interest, bonus, salary etc should be disclosed in the item number 24 in schedule-BP.

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