Return filing

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Articled assistant
146 Points Posted on 08 December 2020
If a partner of a firm has only share of profit from firm as his total income which is less than his basic exemption limit, is he required to file return of income?
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On 08 December 2020 at 00:41 Report
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This discussion addresses whether a partner in a firm needs to file an income tax return if their sole income is a profit share below the basic exemption limit. While generally not required if total income is below this threshold, there are specific circumstances where filing becomes mandatory, even for partners. The consensus leans towards needing to file in certain situations.

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Tax consultant
5895 Points Posted on 08 December 2020
Yes he will
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On 08 December 2020 at 00:54
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Accountant
3662 Points Posted on 08 December 2020
Not required to file ITR if partner income below Basic Exemption Limit
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On 08 December 2020 at 08:06
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Tax consultant
5895 Points Posted on 08 December 2020

In some cases it is mandatory to file ITR even if you're gross total income does not exceed the basis exemption limit

And being a partner he have to

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On 08 December 2020 at 09:23

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