Partnership Firm Taxation
This query is : Resolved
22 July 2020
Hi, If our partnership firm has earned appx Rs.30 Thousand as profit for previous financial year with sales of 9.8 Lakhs. Can we pay tax on presumptive basis ? Also which ITR forms we need to file if we earn small profit or losses ? Other income is only income from savings in form of interest on FD.
Also in case of small profit or losses of partnership firm, if i don't opt for presumptive taxation and get my balance sheet certified by a Chartered Accountant , do i need to go for a tax Audit also?
Regard Monika
Also in case of small profit or losses of partnership firm, if i don't opt for presumptive taxation and get my balance sheet certified by a Chartered Accountant , do i need to go for a tax Audit also?
Regard Monika
23 July 2020
Either you have to declare 8% of sales as profit & pay tax on presumptive basis or Go for tax audit declare 30K Profit
19 December 2021
File ITR 4 if presumptive assessment opted, otherwise file ITR 5.
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