S ELAVARASI (ACCOUNTANT) (2975 Points)
26 October 2017Dear Sir / Madam.,
A partnership firm (2 members) run a Engineering Firm with Service works... They are filed the firm Account previous FY like 2013-14, 2014-15 and 2015-16 U/s 44AA and Without Audit. Also they get Remuneration and Interest after the profit...
Their T/O around 40 lakhs in FY 2016-17... Also they have all accounts based on Sec 44AA.
Query is:
1. Can we file the same way in FY 2016-17...?
2. In this case Tax Audit Applicable or Not...?
3. How to file without Tax Audit...?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177721 Points)
Replied 26 October 2017
1. Yes........ or even offer the income assessment u/s. 44AD.
2. In either case tax audit is not required if profit margin is 6/8 % or more........
3. File u/s. 139(4).....
S ELAVARASI
(ACCOUNTANT)
(2975 Points)
Replied 26 October 2017
Thank you Sir.,
In the AY 2017-18 Tax Audit is appilicable to Partnership Firm..
so above said view by your reply..
3. File u/s 139 (4)....
If I file the section then tax audit not required...???
If yes.. Please give the solutions or Explain...
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177721 Points)
Replied 26 October 2017
I think there is mis-understanding, I repeat:
In either case tax audit is not required if profit margin is 6/8 % or more........
When tax audit is not applicable........ then you cannot file it within due date.... which was 5th August, 2017
If you wish to go for Tax audit.......... you can file u/s. 139(1) upto 31.10.2017.....
First you decide....... what is the profit margin you have......
S ELAVARASI
(ACCOUNTANT)
(2975 Points)
Replied 26 October 2017
SIr.,
Last FY (2015-16) T/O - Rs. 46,21,870 /-
Profit Before remuneration - Rs. 4,99,071/-
Less remuneration - Rs. 3,89,450 /-
Profit - Rs. 1,09,630 / -
Tax Payments Rs. 33876 (TDS- Rs.33040 + Cash - Rs. 990 withInterests)
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177721 Points)
Replied 26 October 2017
Assuming total turnover through bank......... 43 lakhs * 6% profit = 2.60 lakhs.
So, in case the client is ready to declare minimum 2.60 lakhs profit.... and also ready to pay tax about Rs. 80,000/-......... Tax audit will not be applicable......... Otherwise file normally u/s. 44AB with tax audit report.
durgesh bansal
(IPCC)
(51 Points)
Replied 30 March 2018
SIR
I DO HAVE PARTNERSHIP FIRM STARTED IN 2016-17. BUT NO SALE PURCHASE BEING DONE.
BANK INTEREST AND OTHER EXPENSES MAKE PL NEGATIVE . IN THAT CASE TAX AUDIT REQUIRES OR NOT ???
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177721 Points)
Replied 30 March 2018
@ Durgesh Bansal ......TAR Not required.....
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