IRT-5 : Total income of the person exceeds the maximum amount, which is not chargeable to tax.

[Soumendra Nath Thakur]

I am filling in the form to file annual return for our new LLP (Firm) for the first time, for the Assessment Year 2013-2014; I am a Designated Partner of that LLP (Firm).

However, a question in said ITR form confuses me, as I could not make up my mind whether to tick 'yes' or 'no' against the following question.

The question in the ITR form reads, 'Whether total income of any member of the AOP/BOI (excluding his share from such association or body) exceeds the maximum amount which is not chargeable to tax in the case of that member?' It then asks to tick 'Yes' or 'No',

 I am confused, as I do not know what would be the consequence if I tick 'yes' or 'no'. Any help Sir.

 

AI Summary

Designated Partner Seeks Guidance on Income Tax Form for AY 2013-2014; Clarification Needed on AOP/BOI Income Query A designated partner of a new LLP is seeking guidance on completing an income tax return form for the Assessment Year 2013-2014. The individual is confused about whether to answer 'yes' or 'no' to a question regarding whether the total income of any member of the AOP/BOI, excluding their share from the association or body, exceeds the non-taxable maximum amount. They are unsure of the consequences of either choice and are requesting assistance. A respondent inquires if the issue has been clarified and asks for further information if needed.