Does it is compulsory to keep bookkeeping in partnership firm ??
Atharv Sankliya (1354 Points)
26 October 2021
does it is compulsory to keep bookkeeping in partnership firm ??
9 Replies
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 26 October 2021
Partnership firm is required to pay tax at flat rate without any exemption limit.
So to know the tax liability and to produce a true and fair extract of account before tax authorities account's are required to be maintained
So to know the tax liability and to produce a true and fair extract of account before tax authorities account's are required to be maintained
Atharv Sankliya
(1354 Points)
Replied 26 October 2021
Also if the firm earn profit of only 10 thousands
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 26 October 2021
Yes then too tax is required to be paid as there's no basic exemption limit for firm unlike individuals under income tax act
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 26 October 2021
Face the consequences with the tax department.
not sure why you keep on asking such silly things. when experts are telling you it's required to maintain accounts just follow it.
not sure why you keep on asking such silly things. when experts are telling you it's required to maintain accounts just follow it.
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