Partnership firms

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Anil Mishra (Querist)
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04 July 2009 Dear all

i want to know about partnership firm following points.

1. when firm auditable.
2. can firm deducted tds on cont. or commission or any limit
3. if partner purchase assets own name and come in business. than treatment.

CA. Gurdeep Singh Chawla

CA. Gurdeep Singh Chawla (Expert)
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04 July 2009 1. under Income tax when limit of turnover crosses Rs. 40.00 lacs under section 44AB.
2.TDS liability is there

Anil Mishra

Anil Mishra (Querist)
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04 July 2009 if any partnership firm doing business related gift scheme and making member
than how treatment

and firm not having business so how we calculate turnover

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Ratan Sharma

Ratan Sharma (Expert)
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04 July 2009 Hi Anil,
Your querry is not clear. plz make it more specific. A firm is seprate from its members. Even if a firm selling goods to its members then from the I.T. point of view its sales.