19 January 2012
i recd. my pan card in 2007, though i was a student by then, just to start investing with shares but never profited with small amounts, finally the question is, i have never filed my income tax return since then, today its 2012 jan, started a businness in partnership mode from 28 dec 2010, with small amount as little as 20k, now firm is doing well, i am confused, shld i file my return from 07 onwards or directly from last financial year.
Hoping not to be penalty for the same, though let me make one thing clear was not in a good job for time being was in agriculture based activities.
19 January 2012
Thanks Siddhartha ji, Please do clear one more doubt appended below,
The partnership firm was constituted with me and my friend, as on 28 dec 2010, the same rule of exemption limit, applies in the case of firm too, as we skip march 2011 due to less income/profit for the time frame. Or the rule for the partnership firm is straight 30% irrespective of any income band compared with individuals? Moreover, is it compulsary to file a nil return? in the above case for the firm, what are the methods to save tax in partnership firm either via showing expenses can we be in an advantage position, what is interest being paid to partners how to claim the same? we have not taken salaries/profit of part the money from the current a/c as till yet. kindly guide.
Sorry for the long question above, would be grateful if the query above is resolved.
19 January 2012
Profits of Partnership Firms asessed as such are taxale at the maximum marginal rate which is presently 30% and there is no minimum limit which is not chargeable to tax.
You can claim the benefit of partner's remuneration u/s 40 to the extent the Deed of Partnership provides for.
u/s 139 it is mandatory for Firms and Companies to file their return of income irespective of Profit or Loss.
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