Regarding filing of partnership firm return
This query is : Resolved
22 March 2015
Dear Sir,
My query is that , my client has registered his partnership firm in 2008, since then he has not filed his return for partnership firm, there are 2 partners in the firm he and his wife.He has been filing his and his wife return in that they were showing income from business which partnership firm was dealt with.
Now he wishes to file return for partnership without showing balance sheet and profit and loss account. Ways the solution.
My query is that , my client has registered his partnership firm in 2008, since then he has not filed his return for partnership firm, there are 2 partners in the firm he and his wife.He has been filing his and his wife return in that they were showing income from business which partnership firm was dealt with.
Now he wishes to file return for partnership without showing balance sheet and profit and loss account. Ways the solution.
24 March 2015
First of all he has committed mistake in not filing partnership firm's return at all since its inception while he was continously filing return of two partners. Now he can file partnership firm's return only for two years i.e. 2013-14 and 2014-15 till March 31, 2015. He can show income u/s 44AD for which it is not required to maintain accounts but in that case minimum net profit of 8% is to be shown.
29 March 2015
IN ADDITION TO THE ADVISE OF MR. GOYAL, I WOULD LIKE TO MENTION THAT INTEREST ON CAPITAL AND PARTNER'S REMUNERATION SHALL BE ALLOWABLE FROM NET PROFIT DETERMINED UNDER SECTION 44AD OF THE ACT SUBJECT TO APPROVAL OF THE SAME IN PARTNERSHIP DEED.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- GST ON EXPORT COMMISSION
- Should I report my US salary for January, February, March in Schedule FA?
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Tds on building rent monthly
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- Confusion around Form 26QB fields
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
