Hello Sir, Would like to seek expertise advise on my Partnership firm.
We have started a partnership firm of THREE from the date of 1st July 2011, but the formal Partnership deed made on 1st Sept 2012 for a Service co.,
The parties shall have a profit & loss share / remuneration as follows, 1. 60%- Rs.25000/ P.M 2. 20%- Rs.12500/ P.M 3. 20%- Rs.12500/ P.M Though firm started in July,2011, the first business executed During DEC 2012 only.
The bills were raised for the amount of 8,45,000 (total service for the year 2012-2013) and the payment has been received from the client in the month of Feb,2013 after TDS deduction. Here our queries as follows,
1. Are the above service attract S.tax, are there any amount limitations on the turnover.
2. The expenses were incurred about 7.6 Lakhs towards third party payments a/c service performed.. therefore the total Gross Profit was Rs.80K Apprx. Are there any document evidence to be maintained for 7.6L payment?
3.Whether TDS deducted amount shall get as refund from income tax dept?
4. Looking into the remuneration and Gross profit earned , are there any income tax to be payable for the amount earned?
5. When is the due for income tax filing of Partnership?
6. What are the legal documents to be maintained for the firm. and statutory obligations to be fulfilled being Partnership firm?
7. Are the accounts to be audited by auditor? Would really appreciate any of your expertise for the response on the queries raised above. Also pl provide any other information shall be useful in fulfilling legal requirements of the firm.
Looking forward your earlier response. Thanks in Advance.
Regards Prasad
Rajendra Prasad
CAclubindia
