Weathe partnership firms are also eligible for income tax exemption under Act 80JJA of income tax.
7 Replies
B S MADHUSUDHAN
(18 Points)
Replied 20 August 2019
Sir we started our business in the year 2015 December but our commercial activity started from april 2016. We have been misguided by our CA and have been paying income tax from 2016-2017and 2017-18 but we are yet to file 2018-19 returns. In this case what is the option for us.
Kapadia Pravin
(17259 Points)
Replied 20 August 2019
is 2018-2019 FY or AY ?
Take 80JjA benefit now as it's applicable.
By now if advance tax paid then there will be refund claim
Take 80JjA benefit now as it's applicable.
By now if advance tax paid then there will be refund claim
B S MADHUSUDHAN
(18 Points)
Replied 20 August 2019
Sir can we take refund for 2016-17 and 2017-18 financial years also which we have already paid tax.
Kapadia Pravin
(17259 Points)
Replied 21 August 2019
You should try but chances are less. At least for AY 2019-2020 claim 80JjA
B S MADHUSUDHAN
(18 Points)
Replied 21 August 2019
Our CA says he cannot do it. Instead he is doing MAT computation and says partnership firms are not allowed to claim benifit under 80JJA he has also provided one doc which i will upload for your reference.
Also would like to know the exemption limit weather 100% of the profit or some ceiling is there. Kindly clarify sir.
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