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Itr form for presumptive income of partneship firm

Ravi Kumar Ray (customer sales executive) (38 Points)

26 July 2016

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

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suresh (proprietor) (425 Points)
Replied 26 July 2016

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.

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Dinesh Mertiya (PROFESSIONAL) (761 Points)
Replied 26 July 2016

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

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Ravi Kumar Ray (customer sales executive) (38 Points)
Replied 28 July 2016

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.

suresh (proprietor) (425 Points)
Replied 28 July 2016

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

Dinesh Mertiya (PROFESSIONAL) (761 Points)
Replied 28 July 2016

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

Ravi Kumar Ray (customer sales executive) (38 Points)
Replied 28 July 2016

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.

Dinesh Mertiya (PROFESSIONAL) (761 Points)
Replied 29 July 2016

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

suresh (proprietor) (425 Points)
Replied 29 July 2016

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.