Find
Interest, salary or remuneration from a partnership firm is business income for the partner, so ITR-3 is needed. The share of profit is exempt but still reported.
ITR
Partner in a firm
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Provisions
Rule 12, Income-tax Rules 1962 (now Rule 164, Income-tax Rules 2026); Sec 28, Income-tax Act 1961 (now Sec 26, Income-tax Act 2025)
Analysis
Report remuneration and interest from the firm in the business schedule and the share of profit as exempt. If the firm's accounts are audited, partners' due date is generally the audit due date. Check the firm's audit status.
Close
- Get remuneration and interest details from the firm.
- Report in ITR-3.
- Show share of profit as exempt.
- Check the due date based on the firm's audit.
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