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
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