where do you add profit from partnership firm LLP in ITR 3? I dont have the revenue, asset and liability details
Hi @hasnain_p, as of now we don’t support adding profit from partnership firm LLP in ITR 3. If you need personalized assistance we could help you with an assisted plan to help you file your ITR. Please let me know, if I could be of any more assistance, would love to help.
Does Partner of the Partnership Firm has to file ITR ?
Partners have to file their return irrespective of their total income as he is earning remuneration, interest, and also in some cases share of the profit as well.
you updated your answer.
Can you please clarify that if partners income is below 2,50,000, does he’/she has to file ITR ?
Yes, a return must be filed even if the partner’s income is less than 2.5 lakhs.
What amount should partner has to enter in share of profit ?
actual profit from the firm or only distrubuted profit ?
i.e TOTAL PROFIT OF FIRM IS 1 LAKH.
PARTNER A has 50 % stake in firm but he only received 10,000 profit.
now partner has to show only 10000 profit in ITR or 50000. ?
The partner should show the distributed profits, ie, ₹10,000.