Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.

‘Schedule IF’ inserted in Form ITR-5

Form ITR-3 includes a Schedule IF wherein partners are required to furnish the details of his partnership firm. Following information about the partnership firm is furnished in this schedule:

a) Name of the Firm
b) PAN of the firm
c) Whether the firm is liable for tax audit?
d) Whether the firm is liable for transfer pricing audit?
e) Profit sharing ratio in firm
f) Share of profit from firm
g) Capital balance on 31st March of the previous year in the firm

As ITR-3 can be furnished by an Individual and HUF only, these details were not sought from other persons who were the partners in a partnership firm.

Accordingly, this schedule has also been inserted in ITR-5.

This change will impact [ITR 5]

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