Parner's salary
This query is : Resolved
11 March 2014
Dear Experts,
1. Is it mandatory for Partnership Firms to be audited ?
2. Is it mandatory to file Loss Return ITR-5?
3. If the Firm is audited, then what will be the due date of filing return for the Individual Partners ?
Thank You.
1. Is it mandatory for Partnership Firms to be audited ?
2. Is it mandatory to file Loss Return ITR-5?
3. If the Firm is audited, then what will be the due date of filing return for the Individual Partners ?
Thank You.
11 March 2014
1. Yes
2.yes
due date is 30/9 of AY.
2.yes
due date is 30/9 of AY.
11 March 2014
But audit is applicable only above the limit..??
11 March 2014
refer sec 44AB and the proviso to it.
11 March 2014
1. Audit will be mandatory in the following 2 cases:
(a) If the turnover EXCEEDS Rs. 25 lakhs in case of professional or Rs. 1 crore in case of others.
(b) If the turnover is less than Rs. 1 crore AND income declared is LESS than 8% of the gross receipts.
However, in case of loss audit is NOT mandatory. This is because sub-section 5 of Section 44AD provides that audit will be mandatory if profit declared is LESS than 8% AND the income exceeds the maximum amount not chargeable to tax.
In case of partnership firm the maximum amount not chargeable to tax is NIL (0). Since there is a loss, the income DOES NOT EXCEED the maximum amount not chargeable to tax.
2. Filing of return is MANDATORY for a partnership firm irrespective of the income.
Further, it is MANDATORY to file a return if you want to carry forward the loss.
3. Due date of filing ROI for partners of a partnership which is required to get its accounts audited is 30th September.
(a) If the turnover EXCEEDS Rs. 25 lakhs in case of professional or Rs. 1 crore in case of others.
(b) If the turnover is less than Rs. 1 crore AND income declared is LESS than 8% of the gross receipts.
However, in case of loss audit is NOT mandatory. This is because sub-section 5 of Section 44AD provides that audit will be mandatory if profit declared is LESS than 8% AND the income exceeds the maximum amount not chargeable to tax.
In case of partnership firm the maximum amount not chargeable to tax is NIL (0). Since there is a loss, the income DOES NOT EXCEED the maximum amount not chargeable to tax.
2. Filing of return is MANDATORY for a partnership firm irrespective of the income.
Further, it is MANDATORY to file a return if you want to carry forward the loss.
3. Due date of filing ROI for partners of a partnership which is required to get its accounts audited is 30th September.
11 March 2014
Thank You Experts..
Appreciated !!!
Appreciated !!!
12 March 2014
You are welcome. You should use the thanks button to convey your thanks.
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
- IT Return filed defective u/s 139 (9)
- NR GST NUMBER
- Fixed Deposit Claim Relinquishment by the Nominee
- ITR 6 Schedule CFL and UD Issues
- Not a CA , can we prepare balance sheet
- GST Form ADT-02
- TCS ON SOFTWARE SALES
- For REQUIRE INDIVIDUAL GST
- GST Department hearing
- Income Type for interest from government bonds
- Form 15CB filling clarification
- Invoice Numbers WROGLY ENTERED
- Query Regarding on TDS section 194H and 194J
- TDS on purchase of value vouchers for employees ?
- PAYMENT TO OPEN AI AND ENVATO ELEMENT
- From 15CA for remittance by domestic travel agent by to Foreign Destination Management Company.
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
