Latest Query & Reply

In An Audited Firm If Partners Are Not Paid Salary Then Return Has To Be Filed In August Month Or September Month. And If The Return Has To Be Filed In September Month Then It Has To Be Filed With Late Fees Or Not?

Reply

As per explanation 2(a)(iii) of section 139(1) the due date for filing of income tax return for a working partner of a firm whose accounts are required to be audited under this act or under any other law for the time being in force is 30th day of September of  the assessment year.

"Working partner" means an individual who is actively engaged in conducting the affairs of the business or profession of the firm of which he is a partner.

Therefore, it will make no difference whether he is receiving remuneration from the firm or not, the due date for filing of ITR by a working partner of firm whose accounts are required to be audited, will be 31st September of assessment year.