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revised return

dishant (article) (68 Points)

19 June 2018

I want to revise return for AY 2016-17 & AY 2017-18 of a partnership firm.
Is this possible ?

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11 Replies

Jatin (Accountant) (3479 Points)
Replied 19 June 2018

No, You can't revise return.

Meenakshi Goswami (5 Points)
Replied 20 June 2018

y Jatin?

rama krishnan (12234 Points)
Replied 20 June 2018

for a.y. 2016-17, roi cannot be revised

1 Like

RAJA P M ("Do the Right Thing...!!!") (127196 Points)
Replied 20 June 2018

Yes... I agreed to Mr Rama Krishnan.,

@ Dishant.,

You can revise Your ITR for AY 17-18...

But,
You can't revise AY 16-17...

dishant (article) (68 Points)
Replied 20 June 2018

what if profit sharing ratio as partnership deed is 50/50 ratio between two partners and actual it is filled 33 33 33 ratio between three partners and partnership deed is available for only 50/50 ratio

1 Like

RAJA P M ("Do the Right Thing...!!!") (127196 Points)
Replied 20 June 2018

Originally posted by : dishant
	what if profit sharing ratio as partnership deed is 50/50 ratio between two partners and actual it is filled 33 33 33 ratio between three partners and partnership deed is available for only 50/50 ratio

Available Based on Deed...

1 Like

dishant (article) (68 Points)
Replied 20 June 2018

actually the return filed by the chartered accountant is 33 33 33 ratio between three partners and there is no any partnership deed available for the same ratio, actual partnership deed is 50/50 ratio now what to do how to revise previous returns ?

RAJA P M ("Do the Right Thing...!!!") (127196 Points)
Replied 20 June 2018

Originally posted by : dishant
	actually the return filed by the chartered accountant is 33 33 33 ratio between three partners and there is no any partnership deed available for the same ratio, actual partnership deed is 50/50 ratio now what to do how to revise previous returns ?

Please go to check out the Details about P/D (In case any changes) and ITR with BS and PandL...

In Case the Third party related activities may be booked under Expenditure head...

dishant (article) (68 Points)
Replied 20 June 2018

I already checked partnership deed is from 2008 is in ratio 50 50 no any revision and amendment till date

RAJA P M ("Do the Right Thing...!!!") (127196 Points)
Replied 20 June 2018

Originally posted by : dishant
	I already checked partnership deed is from 2008 is in ratio 50 50 no any revision and amendment till date

Yeah... Good.

What about the share...? Is transfered as Profit Share or any other format like salary/commision/incentives?

dishant (article) (68 Points)
Replied 20 June 2018

no any share transferred by any partner but the partner who added as a new partner with 33% share was an employee from 2008 and that employee mixed up with chartered accountant and file written with 33 33 33 ratio and no any partnership deed available for the same ratio.