Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

delayed registration

Neha Ganatra (article) (42 Points)

21 February 2011

I have a partnership firm which was incorporated in 2005 but i had not registered the partnership deed. I have never filed Income Tax returns since i did not have sufficient income. Now i want to file Returns for the Financial year 2008-09 and 2009-10. My query was whether or not i will be treated as a registered partnership firm and will i be allowed to claim the Remuneration and interest paid to the partners.

Reply
Follow
Share

4 Replies

Pankaj Arora (Learner) (3134 Points)
Replied 21 February 2011

How can it allowed if its not register and ITR of f.y. 2008-09 time has over and you can file ITR of f.y. 2009-10 till 31.03.2011.

Upgrade to CAclubindia Pro. Subscribe Now!

Neha Ganatra (article) (42 Points)
Replied 21 February 2011

If i attach the deed with the ITR for F.Y. 2008-09. Then will i be allowed to claim the remuneration and interest.

vijayaggarwal (CA. IN PRACTICE) (89 Points)
Replied 23 February 2011

Dear what are u saying, i could not understand

if u suffered loss than u was required to submit ur loss return in order to claim such lossess in the subsequent years and

there is not exemption limit for the firm, means a firm is require to submit its return of income even if it earn only Rs. 10/- during the year

then my query is this why did not u furnish ur return of income

and as far as ur query is concerned for allowance of Remuneration and interest, it shall be allowed from the date of deed of partnership

Ramya Kinthali (Financial Consultant) (108 Points)
Replied 23 February 2011

in case of a Firm... recognition as partnership firm will be given only when it is evidenced by a deed..... and furnishing return of income every year is mandatory for a firm irrespective of income once it has filed its return claiming as partnership firm......

failure to furnish return of income by a firm will lead to a penalty of Rs5000

now for FY 2008-09 a belated return can be filled along with deed copy..time limit for belated return is 1 year from the end of relevant AY

For FY 2009-10 the due date has been crossed hence belated return would be the option to avoin penalty ( if in previous return status of firm is claimed)

i welcome objections on answer if any....