Dear All,
Please let me know what is the due date of income tax return for Partnership frim (Tax audit N/A).
Can I file partnership firm itr after due date. is there any penalty for it.
Thanks to all
18 Replies
Rashi Bajaj
(CA)
(752 Points)
Replied 21 September 2015
In non audit case, your due date was 31.7.2015 extended to 07.09.2015.
You may file a belated return but make no mistakes as it can't be revised in future.
Nisha Yadav
(Accounts exe)
(455 Points)
Replied 21 September 2015
Thank you so much.
I have one more query. Pleas help me.
Can I deduct partners remuneration as per section 40(b) from gross profit (I am showing 8% profit ).
I did not paid partner salay .. it is payable ..
Rashi Bajaj
(CA)
(752 Points)
Replied 21 September 2015
Only actual PAID salary/interest is deductible
CA SACHIN
(practice)
(115 Points)
Replied 21 September 2015
I think salary and interest directly credited to capital accounts of partners is allowable
Miss Rinkal
(Student)
(1309 Points)
Replied 22 September 2015
@ NISHA YADAV
The due date to file the return for Ay 2015-16 for non audit case was extended up to 07.09.2015 which is normally 31st July.
There is no penalty but the tax on total income is subject to interest u/s 234A as the same will be filed after the due date
The return filed will be considered as a belated return and hence fill the form carefully as the same cannot be revised again.
And yes you can claim remuneration u/s 40(b) on payable basis even if you are claiming the profits u/s 44AD i.e. 8% profits
@ RASHI BAJAJ
Interest and remuneration payable to partners can be considered on payable basis. There is no such restrictions on it
Rashi Bajaj
(CA)
(752 Points)
Replied 22 September 2015
Rinkle, I read the bare act. It said paid.. can u confirm with a case law?
Miss Rinkal
(Student)
(1309 Points)
Replied 22 September 2015
@ NISHA YADAV
However interest to partner will be considered subject to tds is deducted on same
Miss Rinkal
(Student)
(1309 Points)
Replied 22 September 2015
In the bare act, word " payment" is used and hence paid or payable both are considered.
When doing articleship, our sir told that we can take it on paid as well as payable basis, both can be considered.
Still for your reference I will surely check whether remuneration payable is disallowed or so.
Nisha Yadav
(Accounts exe)
(455 Points)
Replied 22 September 2015
which itr form should i fill for partnership firm (in case of presumptive income 44 AD - 8% profit )
Miss Rinkal
(Student)
(1309 Points)
Replied 22 September 2015
ITR 5 is applicable for firms( for presumptive as well as non presumptive business both)
CA Srikanth Yadav
(Chartered Accountant)
(3162 Points)
Replied 22 September 2015
I've a question. Actually around 3 years back I've registered my account with https://incometaxindiaefiling.gov.in/
But I do not remember my password or email address I've given at that time. Also I do not remember the answer I gave to the secret question at that time :(
So someone please help how can I re-obtain my account now. It will be of great help for me.
Miss Rinkal
(Student)
(1309 Points)
Replied 22 September 2015
Yes shrikant you can do so.
Check this out. You can do it by these methods
Hope this is found useful to you
Attached File : 131263 20150922194248 reset password.pdf downloaded: 224 times
Nisha Yadav
(Accounts exe)
(455 Points)
Replied 26 September 2015
tHANKS @ MS RINKAL ..
I am filing retrun 5 but there is no option for 44AD .. Please reply
Miss Rinkal
(Student)
(1309 Points)
Replied 26 September 2015
It is very much available. In p&l and balancesheet, use no account case and in schedule bp - fill row no 4 and 34.
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