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Does it is compulsory to keep bookkeeping in partnership firm ??

Atharv Sankliya (1323 Points)

26 October 2021

does it is compulsory to keep bookkeeping in partnership firm ??

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CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 26 October 2021

Yes ..

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Atharv Sankliya (1323 Points)
Replied 26 October 2021

Why ??

Giridhar S Karandikar (Team Lead) (7543 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

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Atharv Sankliya (1323 Points)
Replied 26 October 2021

Also if the firm earn profit of only 10 thousands

Giridhar S Karandikar (Team Lead) (7543 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

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Atharv Sankliya (1323 Points)
Replied 26 October 2021

So what if they don't maintain account ??

Giridhar S Karandikar (Team Lead) (7543 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.

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Atharv Sankliya (1323 Points)
Replied 26 October 2021

Oh thank for solving my doubt

CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 02 November 2021

Your welcome

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