Filling Income Tax Return of Person having Only Income from Partnership Firm (Salary or Remuneration, Interest and Profit from Firm)

In this article we are going to discuss which Income Tax Return (ITR) Form to be used by Person having Income from Partnership Firm only for AY 2020-21 FY 2019-20

If you are Partner in any Partnership Firm and getting income as Salary or Remuneration from Partnership Firm, Interest on Capital Invested and Share of Profit or Loss in Firm. Then you have to File your Income Tax Return (ITR) in ITR - 3 declaring your Share of Profit or Loss, Interest on Capital and Share of Profit or Loss.

Post your Queries in Comment.


Comments

Post a Comment

If you have any doubts, Please let me know

Popular posts from this blog

Get your Mobile number linked to Aadhar Card to Verify Income Tax Returns

Image
On filling  Income Tax Return  for  FY 2019-20 (AY 2020-21)  you will get  ITR V   ‘Indian Income Tax Return Verification Form’.  [Where the data of the ROI in Form ITR-1 (SAHAJ), ITR-2, ITR3, ITR-4 (SUGAM), ITR-5, ITR-7 filed but NOT verified electronically] as follow : Above  ITR-V  (Indian Income Tax Verification Form) does not contain any information relating to Income earn by you or Deduction Claimed  by You or Tax Paid by you. It only contain Basic information like PAN, Name, Form Number, E-filling Acknowledgment Number, Assessment Year. You Have to Verify your Income Tax Return in any one of following ways to get Return Filling Acknowledgement. 1. Aadhaar OTP 2. Login to e-filing account through Net-Banking login 3. EVC obtained generated using Pre-Validated Bank Account 4. EVC obtained generated using Pre-Validated Demat Account 5. EVC generated through Bank ATM. 6. by sending it to “Centralized Processing Centre, Incom...
Read more

TDS will be deducted up to 5% on withdrawal of Cash from Bank

Image
Section 194N – TDS on cash withdrawal  As per  Sec 194N  of   Income Tax Act  From  01/07/2020  if you have not filled  the returns of income for all of the three assessment years relevant to the three previous years, for which the time limit of file return of income  under sub-section (1) of section 139  has expired, immediately preceding the previous year in which the cash withdrawn from  Bank  (Public or Private), Co-Operative Bank or Post Office then said Payer (Bank / Co-operative Bank / Post Office) have to deduct  TDS  as follows : ( a ) an amount equal to  two per cent  of the sum where the amount or aggregate of amounts, as the case may be, being paid in cash exceeds twenty lakh rupees during the previous year but does not exceed one crore rupees; or ( b ) an amount equal to  five per cent  of the sum where the amount or aggregate of amounts, as the case may be, being paid in cash exc...
Read more

Income Tax Return of Individual Non-Resident of India having Income in India

Image
In this article we are going to discuss which Income Tax Return (ITR) Form to be used by NRI having Income in India. If you are Individual Non-Resident of India (NRI) and you have earned Income outside India and remit same in India same is not Taxable as not earned or accrued in India. But if you earn or accrue any Income in India which exceeds Rs. 2,50,000/- during Financial Year (April - March) they you have to compulsorily file Income Tax Return. If you don't File Income Tax Return within Due Date then you will be liable to pay Late Filling Fees which is up to Rs. 10,000/-. If you are having Rental Income of House Property and / or Interest Income then you have to File Income Tax Return using ITR - 2 .   Post your Queries in Comment. CA. Nitesh R. Gugale
Read more