Filing of returns by partners where firm's accounts are required to be audited-Assessment year 1989-90

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ers where firm's accounts are required to be audited-Assessment year 1989-90. Under the existing provisions of section 139(1) of the Income-tax Act, 1961, as amended by the Direct Tax Laws (Amendment) Act, 1987, with effect from April 1, 1989, a partnership firm, whose accounts are required to be audited under the Income-tax Act, or under any other law, can file its return by 31st October of the ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ration in the next session of Parliament. However, as an interim measure, it has been decided that partners of such firms may also be allowed to file their returns by 31st October, 1989. A press note to this effect was issued on 24th August, 1989**, for the general information of the taxpayers that such partners can also file their returns for the assessment year 1989-90 by 31st October, 1989. A c....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....r own accounts are not required to be so audited, have to file their returns by 31st August. 2. Representations were received pointing out that this would cause hardship in the case of partners of such a firm as they would not know their correct share income in the firm unless the accounts of the firm have been finalised, which work may be over, in many cases, towards the end of October. Hence, i....