ITR Filing for Partners in a Partnership Firm
Filing requirement summarised
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Details
ITR Filing for Partners in a Partnership Firm
Who Should File?
Partners of a partnership firm (including LLPs) are required to file Income Tax Returns if their total income exceeds the basic exemption limit (₹2.5 lakh for individuals below 60 years).
Which ITR Form?
ITR-3: Applicable if the partner earns income from business/profession (i.e., share of profit, remuneration, or interest from the firm).
ITR-2: Applicable if the partner earns only exempt share of profit from the firm and no remuneration or interest.
Taxability:
Share of Profit: Exempt under Section 10(2A)
Remuneration & Interest: Taxable in the hands of the partner as business income
Other Income: Taxable as per nature (Salary, House Property, Capital Gains, etc.)
Documents Required: Capital account statement from firm Form 26AS and AIS Details of remuneration, interest, and profit share Bank statements and investment proofs
Advance Tax Applicability:
If the partner's total tax liability exceeds ₹10,000 in a financial year, advance tax is applicable.
Important Points: Remuneration and interest must be authorised by the partnership deed Capital gains/loss from withdrawal or revaluation must be reported separately Ensure proper classification of exempt vs taxable income while filing
Due Date for AY 2025-26:
15 th September 2025 (if not subject to audit)
31st October 2025 (if firm is under audit)
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