29 August 2012
IS A PARTNERSHIP FIRM OF PRACTISING CS REQUIRED TO FILE IT RETURN EVEN IF THEIR INCOME IS BELOW THE EXEMPTION LIMIT? N WAT IF THE PARTNER WANTS TO FILE THE RETURN, WHICH ITR HE NEEDS TO FILE?
29 August 2012
Hi, Any partnership firm is not required to file ITR in case its net income is below the exemption slab unless it is willing to carry forword current year loss to the next A.Y But if partnership firm wants to fill the ITR volountarily,it can file through Form ITR-4.
29 August 2012
Though the income of Partnership Firm is below the exemption limit, but still it require to file compulsorily on following provisions.
Filing return of firm:
a. 30th September, where accounts of the partnership firm are required to be audited under Income- tax Act or under any other law for the time being in force. b. 31st July in any other cases.
Due dates for filing of returns of partners
a. 30th September in case of a working partner of a firm (whether or not he is entitled to remuneration) where due date for filing return of firm is 30th September. b. 31st July for other partners
ITR-3 is applicable to partners in a firm where income chargeable to income-tax under the head “Profits or gains of business or profession”
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