IT RETURN
This query is : Resolved
06 May 2020
DEAR SIR,
ONE PARTNERSHIP FIRM REGISTERED AS ON NOVEMBER 2019. NO OF PARTNERS 3. EACH PARTNER TO BE DECIDED INTO INVEST RS. 400000/- IN THE FIRM. BUT THE CAPITAL AMOUNT OF THE PARTNER SHALL BE DEPOSITED IN THE BANK ACCOUNT. BECAUSE BEFORE GST REGISTRATION BANK ACCOUNT COULD NOT BE OPENED IN ANY BANK. NOW GST REGISTRATION TAKEN AS ON JAN 2020. STILL THERE IS NO TRANSACTION AND FILED AS NIL RETURN TILL MACH 2020.
MY QUESTION IS WHETHER INCOME TAX RETURN OF THE FIRM TO BE FILED AS NIL OR IS THERE ANY INTEREST ON CAPITAL AND REMUNERATION OF THE PARTNERS TO BE CALCULATED UP TO THE MARCH 2020?.
BECAUSE THERE IS NO CAPITAL AMOUNT SHOWN IN THE BANK ACCOUNT.
PLEASE CLARIFY ME
ONE PARTNERSHIP FIRM REGISTERED AS ON NOVEMBER 2019. NO OF PARTNERS 3. EACH PARTNER TO BE DECIDED INTO INVEST RS. 400000/- IN THE FIRM. BUT THE CAPITAL AMOUNT OF THE PARTNER SHALL BE DEPOSITED IN THE BANK ACCOUNT. BECAUSE BEFORE GST REGISTRATION BANK ACCOUNT COULD NOT BE OPENED IN ANY BANK. NOW GST REGISTRATION TAKEN AS ON JAN 2020. STILL THERE IS NO TRANSACTION AND FILED AS NIL RETURN TILL MACH 2020.
MY QUESTION IS WHETHER INCOME TAX RETURN OF THE FIRM TO BE FILED AS NIL OR IS THERE ANY INTEREST ON CAPITAL AND REMUNERATION OF THE PARTNERS TO BE CALCULATED UP TO THE MARCH 2020?.
BECAUSE THERE IS NO CAPITAL AMOUNT SHOWN IN THE BANK ACCOUNT.
PLEASE CLARIFY ME
06 May 2020
You can open current account with firm registration and partnership deed ,
You can file tax return with loss , since you have incurred registration and incidental expenses , rent , electricity , maintenance exps , professional fees etc pertains to firm .
You need to have firm bank account to file income tax return .
You can file tax return with loss , since you have incurred registration and incidental expenses , rent , electricity , maintenance exps , professional fees etc pertains to firm .
You need to have firm bank account to file income tax return .
07 May 2020
thank you for your reply sir, can we adjust interest on capital on accrue basis and salary for partners.
regards
regards
07 May 2020
Salary to partner allowed as per income tax act , for loss maximum allowed 150000/- profit upto 3 lakh 90% allowed above 3 lakhs 60% profit can be apprtioned as salary
07 May 2020
Other than HUF or individual are under compulsion to file return.
Payment of interest and remuneration depends on terms and conditions of partnership deed.
Payment of interest and remuneration depends on terms and conditions of partnership deed.
08 May 2020
Yes filling of returns is mandatory if you would like to carry forward the losses and claim to set off the same in coming years. Moreover if the partners did not provided the capital in the bank account till March 31st how would you provide for Interest, expenses or even salary to them ?
08 May 2020
thank you for all yours replies, sir
regards
regards
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