05 November 2018
It is a partnership firm tax audit of which has got delayed. Whether penalty will have to be paid before filing the ITR-5 for ay 2018-19 or whether shall be paid later. Further I would like to know the method of working of remuneration to partners if the nett profit is arriving as at less than Rs 3 lacs and if the nett profit is exceeding Rs 3 lacs.
Nett Profit less than Rs 3 lacs Nett Profit more than Rs 3 lacs
Can we provide interest on capital also after providing remuneration ?
05 November 2018
271B penalty shall be paid only if levied. Though section 40(b) governs the remuneration to be allowed, the method of calculation depends on the terms of the partnership deed. So go through the deed and decide the quantum subject to 40(b),
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