HELLO FRIENDS, PLS. TELL ME CAN THE PARTNERSHIP FIRM FILES THE ITR IN NO ACCOUNT CASE EVEN IT HAS MAINTAINED THE SMALL BALANCE SHEET AND ALSO PROVIDING SALARY TO PARTNERS. BUT INCOME IS LESS THAN RS. 120000.
2 Replies
@*CS Siddharth Bumb. *
(B.Com, CA Final, CS )
(5270 Points)
Replied 27 March 2011
i think firm can maintain in no account case but such firm should be complete all the conditions specified by income tax act,
Though firm has small firm and if it is not fulfiling all the conditions then it has to fill all the details of balance sheet and P & L account....
but wait for other experts answer....
CA Madhu Soodan Tapuriah
(Practising Chartered Accountant)
(156 Points)
Replied 27 March 2011
the firm shall have to file the income tax return even if there is no profit.
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