Tax on partnership firm
vivek shah (51 Points)
26 May 2019
At what rates does the partnership firm have to pay taxes if they choose to file ITR-4 since they have Turnover besides the limit?
9 Replies
RAJA P M
("Do the Right Thing...!!!")
(128101 Points)
Replied 26 May 2019
On profit - Flat 30% + cess.
vivek shah
(51 Points)
Replied 26 May 2019
Provision of Presumptive taxation payable at 8% won't apply?
RAJA P M
("Do the Right Thing...!!!")
(128101 Points)
Replied 26 May 2019
The 8% is Profit limit not for Tax Amount...☺
vivek shah
(51 Points)
Replied 26 May 2019
explain me one more thing... What is the difference between filing ITR4 and ITR5 for partnership firm?
RAJA P M
("Do the Right Thing...!!!")
(128101 Points)
Replied 26 May 2019
https://www.caclubindia.com/Forum/details.asp?mod_id=432606
vivek shah
(51 Points)
Replied 27 May 2019
Was that provision restored again, which was amended by finance act 2016?
RAJA P M
("Do the Right Thing...!!!")
(128101 Points)
Replied 27 May 2019
Yes...
In previous of amendment in sec 44AD:
"Partners can claim remuneration and Interest after the profit amount".
After the amendment "Partners can't claim Remuneration and Interest u/s 44ad.
In previous of amendment in sec 44AD:
"Partners can claim remuneration and Interest after the profit amount".
After the amendment "Partners can't claim Remuneration and Interest u/s 44ad.
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