Where to show profit from partnership firm in itr

WHERE TO SHOW PROFIT FROM PARTNERSHIP FIRM IN ITR ???

 

PARTNER IS EXEMPT FROM FIRM INCOME .. RIGHT ???

 

HOW TO FILE SUCH INCOME

Replies (7)
Quick Summary
Users discuss how a partner should report partnership firm income in the ITR. The exempt share of profit is reported under Exempt Income, while remuneration and interest from the firm are taxable and reported under business income in the relevant schedules of ITR-3.

You Need to Use ITR 3 to File Such as Return of Income.

1. There is a worksheet  named (Exempt income) EI in the ITR Sheet. Profit from Pattnership Firm Shall Come There.

2. Fill in the Income details like Remuneration and Interest in the Sheet Named BP

3. Also Enter Profit from Firm and partners share in profit in sheet SPI-SI-IF

if Company is having profit from the the Partnership Firm, so where can we show profit in ITR From-6?

And Same income from profit from partnership firm is where showing in Profit & Loss Account?
 

Originally posted by : Hitesh Khanna
You Need to Use ITR 3 to File Such as Return of Income.

1. There is a worksheet  named (Exempt income) EI in the ITR Sheet. Profit from Pattnership Firm Shall Come There.

2. Fill in the Income details like Remuneration and Interest in the Sheet Named BP

3. Also Enter Profit from Firm and partners share in profit in sheet SPI-SI-IF


Can you please elaborate the point no. 2 

In which section should we show the Partners Remuneration and Interest in Schedule BP sheet ??

show remuneration in P&L 38

If we do the same then what should we put in others fields of PL and Part A Balance sheet page? leave it blank ? 
I am asking for those people who received remuneration and Int. on Cap from a partnership firm   

SORRY.
Show it in Schedule BP:Details of Income from Firms of which partner. Total Income schedule automatically fetches PGBP income from there

Dear Sirs,

01. In the case of a parter of firm engaged in accounting and auditing work, what business code to be used ?  Is it 0001 or 16002 ?

02. The partner's share in the profit of the firm is around Rs.75000/- and remuneration credited to capital account is around Rs.180000/-.

03. As filling up of P&L and Balance Sheet is not manadatory as indicated in various replies, only schedule BP and other relevant schedules are only filled in.

Shall be glad to be guided in the matter.

Regards.

 

 

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