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Please help - filling form for returns

ITR 440 views 4 replies

HI Everyone,

I have downloaded form ITR - 3 as I am a partner in a firm. The firm has suffered a loss this year and I am filling the form the first time. Just wanted to know the foll:

In Schedule IF and Schedule EI under Amount of share in profit should I enter the minus figure of loss acc to my share in the firm? ex -30000 and will this affect my total tax to be paid?

Thank you 

Replies (4)
loss is not shared to partners as per IT Act. loss has to be carried by firm for set off in following years.

Sorry but i am not too clear - it means that I have to not enter it in the ITR - 3 form right? 

for your personal return you will have to file itr-3 only, but you cannot show share of loss in that. loss will only be shown in itr filed for your firm.

Loss must be carried forward to set off by partnership firm. 

Further it can't be distributed to partners of the firm.

 


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