Rebate u/s 87A with 44AD

Page no : 3

RAJA P M ("Do the Right Thing...!!!") (128096 Points)
Replied 07 October 2017

Originally posted by : Sagar padhi
	Sir,Dhirajlal Rambhia...A very big thank you for solving queries of mine and also others

Very Nice....

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rajesh (Accounts executive) (554 Points)
Replied 07 October 2017

Can we file RFD 01 on monthly basis.??

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (182831 Points)
Replied 07 October 2017

Refund of tax paid can be claimed under RFD-01 at the end of any tax period, which, I think. will depend upon your turnover/cycle.

RAJA P M ("Do the Right Thing...!!!") (128096 Points)
Replied 26 October 2017

My Dear Mr. Dhirajlal Sir.,

Please confirm again...

The assesee given the books of accounts today. i'll check it 2 or 3 days. Also my senior (FCA) not like that the late of books given by assessee. He ll ask before 20th Oct. Bcoz, He can't complete more tax audi cases in due date. I think he ll escape from this file...

So, What can I do this condition...?

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (182831 Points)
Replied 26 October 2017

" Please confirm again...

So, What can I do this condition...?"

What I have to confirm ?

If it is the case of partnership firm as referred earlier.......... and loss, assessed u/s 44AD (for eligible business)......... no need of tax audit.... just file as belated return...... u/s. 139(4)..... Loss can't be carried forward

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RAJA P M ("Do the Right Thing...!!!") (128096 Points)
Replied 26 October 2017

Dear Sir.,

Thank you for the confiramation... Really thank you...

RAJA P M ("Do the Right Thing...!!!") (128096 Points)
Replied 26 October 2017

Sir,

Another case A small Partnership firm. T/O 30 to 35 lakhs in AY 2017-18...

It's required Tax Audit...? In PYs only filed without Tax Audit and get remuneration and Interests after the profit...

Current scenario not available AY 2017-18...

So, Tax Audit required Must or Not...?

In Case any availability u/s 40(b)...?

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (182831 Points)
Replied 26 October 2017


	Another case A small Partnership firm. T/O 30 to 35 lakhs in AY 2017-18... It's required Tax Audit...? In PYs only filed without Tax Audit and get remuneration and Interests after the profit... Current scenario not available AY 2017-18... So, Tax Audit required Must or Not...? In Case any availability u/s 40(b)...?

For eligible business minimum profit declared 6/8% before any deductions (or loss).... tax audit not mandatory............ Otherwise in most of the cases it would be applicable....

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RAJA P M ("Do the Right Thing...!!!") (128096 Points)
Replied 30 October 2017

Good Morning My Dear Mr Dhirajlal Rambhia Sir.,

Sorry for the Disturbance...

Why the difference between Pvt Company and Partnership Firm....?

A company going to loss also less than 1cr. But, no need Tax Audit...
The same a Partnership firm want to Audit...!!!

Why the difference...?
Which condition these are different...?

In Partnership firm 2 or more members get income from the Firm...
Also the company members get income from the Company...

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (182831 Points)
Replied 30 October 2017

Good Morning....... Dear.........

Even for small Private Limited Company, there are various compliances which are required to be followed once it is incorporated: One of those is Statutory Audit of Accounts.......

Every Company shall prepare its Accounts and get the same audited by a Chartered Accountant at the end of the Financial Year compulsorily. The Auditor shall provide an Audit Report and the Audited Financial Statements for the purpose of filing it with the Registrar.

While Partnership escaped from the statutory audit.......... so, tax audit !!!

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S ELAVARASI (ACCOUNTANT) (2975 Points)
Replied 30 October 2017

Originally posted by : Dhirajlal Rambhia
	....While Partnership escaped from the statutory audit.......... so, tax audit !!!

Dear Sir.,

Really good Explanation... Thank you sir...

So, Partnership Firm can't escape from Tax Audit except 44AD... Am I correct Sir...?

( https://www.caclubindia.com/forum/details.asp?mod_id=431852&offset=1 )

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RAJA P M ("Do the Right Thing...!!!") (128096 Points)
Replied 30 October 2017

Dear Sir.,
Thank you for the Details Sir...
🙏🙏🙏🙏🙏🙏🙏😊😊😊😊😊

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (182831 Points)
Replied 30 October 2017

" So, Partnership Firm can't escape from Tax Audit except 44AD... Am I correct Sir...?"

Yes, in another words, no tax audit provided firm doesn't exceed turnover limit with declaration of minimum 6/8 % profits....

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RAJA P M ("Do the Right Thing...!!!") (128096 Points)
Replied 30 October 2017

Originally posted by : Dhirajlal Rambhia
	" So, Partnership Firm can't escape from Tax Audit except 44AD... Am I correct Sir...?" Yes, in another words, no tax audit provided firm doesn't exceed turnover limit with declaration of minimum 6/8 % profits....

Sir,

Please explain this one...

If the turn over is rs. 50 lakhs and we show the profit Rs. 400000 and above....

Then after we can book remuneration and Interest...?

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RAJA P M ("Do the Right Thing...!!!") (128096 Points)
Replied 30 October 2017

Originally posted by : RAJA P M
	Originally posted by : Dhirajlal Rambhia " So, Partnership Firm can't escape from Tax Audit except 44AD... Am I correct Sir...?" Yes, in another words, no tax audit provided firm doesn't exceed turnover limit with declaration of minimum 6/8 % profits.... Sir, Please explain this one... If the turn over is rs. 50 lakhs and we show the profit Rs. 400000 and above.... Then after we can book remuneration and Interest...?