PARTNERSHIP FIRM LIABLE TAX AUDIT U/S 44AB
ONE OF MY CLIENT IS PARTNERSHIP FIRM ITS TURNOVER LESS THAN 10LAKHS MEANS 6,77,892/- IN THIS SITUATION SHOULD WE FILE TAX AUDIT U/S 44AB, BECAUSE ONE OF MY CLIENT IS ITS PARTNER HIS IT RETURN SHOULD BE FILED, BUT THE FIRM DID NOT FILE ITR NOW CAN WE FILE AFTER FIRM'S ITR FILING THE INDIVIDUAL SHOULD BE FILED BEFORE JULY
WHAT TO DO
REGARDS
LESS THAN 8%
If you wish to file ITR for current assessment year, check if the client had opted sec. 44AD in any of preceding five years.
THE FIRM LAST YEAR WAS CREATED AND TOTAL TURNOVER AS PER GST RETURNS 5,64,970/-,
SORRY ABOVE MENTIONED FIGURE WAS WRONG, CAN WE FILE OPT FOR PRESUMPTIVE TAXATION DECLARING 8% MARGIN.
REGARDS
WHILE FILING RETURNS SHOULD WE ADD AND DEDUCT REMUNERATION AND INTEREST ON CAPITAL.
REGARDS
ONLY PAY TAX ON 8% TURNOVER DECLARED U/S PRESUMPTIVE TAXATION
REGARDS
JUST NOW ONE PROBLEM HAPPENED, IF GST TURNOVER 46,71,892/- BUT HIS BANK TURNOVER RECEIPTS NEARLY 87, 56,890/- AS ON MARCH. MY CLIENT RECEIVED PAYMENTS HE DID NOT DECLARED SALES IN THE GST RETURNS HE SOLD ALL EXEMPTED GOODS RAW SILK. SO CAN I CONSIDER HIS BANK RECEIPTS AS TURNOVER FOR THE YEAR AND SHOWING IN THE IT RETURN AS PER GST TURNOVER SEPERATELY IS THIS WILL CREATE PROBLEM IN FUTURE BECAUSE HE UNKNOWINGLY MADE MISTAKE.
REGARDS
ACTUAL TURNOVER MEANS BANK RECEIPTS, LAST YEAR GSTR 3B CAN NOT BE FILE REVISE RETURN.
REGARDS
THANK YOU SIR
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