22 March 2015
Dear Sir, My query is that , my client has registered his partnership firm in 2008, since then he has not filed his return for partnership firm, there are 2 partners in the firm he and his wife.He has been filing his and his wife return in that they were showing income from business which partnership firm was dealt with. Now he wishes to file return for partnership without showing balance sheet and profit and loss account. Ways the solution.
24 March 2015
First of all he has committed mistake in not filing partnership firm's return at all since its inception while he was continously filing return of two partners. Now he can file partnership firm's return only for two years i.e. 2013-14 and 2014-15 till March 31, 2015. He can show income u/s 44AD for which it is not required to maintain accounts but in that case minimum net profit of 8% is to be shown.
29 March 2015
IN ADDITION TO THE ADVISE OF MR. GOYAL, I WOULD LIKE TO MENTION THAT INTEREST ON CAPITAL AND PARTNER'S REMUNERATION SHALL BE ALLOWABLE FROM NET PROFIT DETERMINED UNDER SECTION 44AD OF THE ACT SUBJECT TO APPROVAL OF THE SAME IN PARTNERSHIP DEED.
CAclubindia
