partnership firm's return of ay 2017-18 in which itr?
Natwar Ranga (18 Points)
29 March 2018Natwar Ranga (18 Points)
29 March 2018
Saifullah Khalid
(Autodidact/Curious )
(633 Points)
Replied 29 March 2018
YES a partnership firm can opt Presumptive taxation scheme BUT post A.Y 16-17 (from A.Y 17-18) few clauses were ammended/removed which fadded the attraction in presumptive taxation scheme (44AD) specially for partnership firms , now one first need to assess the situation and then accordingly decide whether to go for 44AD or not ...
Important changes made :-
* Starting from A.Y 17-18 the 8%/6% (as the case may be/cash receipts(8%)/Electronic mode receipts(6%)) OR higher(optional) of the total turnover/gross receipts will be deemed the FINAL net taxable income (taxed @ flat rate of 30%) , further allowances like interest on partners capital / renumeration to partners will NOT be allowed to be deducted from the FINAL net taxable income .
* Once the assesse opts in 44AD the assesse will have to keep lock-in with 44AD for next five years and if he opts out from the scheme in lock-in period then he will be barred to opt in again for next 5 years .