Income tax return of partnership firm

278 views 4 replies

Hello Sir,

I am filling the income tax return for partnership firm. as per clause if my tunover exceeds 1 crs then only I need to do the tax audit.

My turnover during the AY 2017-18 is less than 1 crs but I have incurred a loss this year so can i file for loss return.

Also for AY 2016-17, my turnover is less than 1 crs but profit was less than 8% so can I file return for less than 8%.

What wiill be the consequences if I will do return as per above criteria. 

Kindly please reply on my queries.

Replies (4)
If you filed declaring below 8% you must file under 44AB. This is not possible to file because due date already completed.
Yes you are required to file itr 5 whether it is profit earned or loss incurred.
better you show 8% income on presumptive basis to avoid litigations
good clarification and information

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