Itr form for presumptive income of partneship firm

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plz tell me which form to be choosed for presumptive income of partnership firm for AY 2015-16
Replies (8)

The Sugam ITR-4S Form is the Income Tax Return form for those taxpayers who have opted for the presumptive income scheme as per Section 44AD and Section 44AE of the Income Tax Act. However, if the turnover of the business mentioned above exceeds Rs 1crores, the tax payer will have to file ITR-4.

I agree with suresh,
Form ITR-4S is applicable
in case of Partnership Firm you may file in form  ITR-5 also.

Sir, you are correct, but form ITR 4S for AY 2015-16 is not applicalble to partneship firm. whereas For AY 2016-17 it is applicable.

 

 

For A.Y. 2015-16 you need to file ITR-5

I agree with Ravi,

For Ass. Year 2015-16

For partnership firm : ITR-5

For Ass. Year 2016-17

For partnership firm : ITR-4S or  ITR-5

thank u,

FOR AY 2015-16

can u plz tell me that in presumptive basis of partnership firm how much partner's salary can be get deducted.

and if i fill ITR V, Where shall i show the Partner's salary. 

Both Partner's Remuneration and Interest on capital are subject to partnership deed.

Remuneration to working partners and interest on capital will be allowable as per thr limits lais down u/s 40b of the income tax act subject to the authorisation under partnership deed.

To calculate the presumptive income the said amount will be added to the net profit for calculating the taxable profit as per the provisions of relatied presentive income scheme.


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