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Dairy Form in Partnership firm - reg

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Querist : Anonymous

Querist : Anonymous (Querist)

07 July 2011 Dear all,

Please suggest me on,

iam going to start a dairy form, with the investment of 10Laksh (Bank Loan 5 Laksh)

my query is,
1) is it necessary to file income tax if it is a partnership firm
2) should we maintain the recored for it

reg,

sambasiva rao

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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07 July 2011 Yes it is compulsory to file the return of the firm and accounts are required to be maintained.
However, if the turnover does not exceed Rs 60.00 lac, then you can show income U/s 44AD. In such case it is not compulsory to maintain the regular books of account.

Querist : Anonymous

Querist : Anonymous (Querist)

07 July 2011 Dear Sir,

thank you very much for the quick reply,

and i have another query,

what is the rate of income tax in the dairy for and is there any exception on it.

reg,

samba

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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07 July 2011 Rate of IT is 30% of Total Income. On Tax amount 3% Educational Cess.

No exception for Dairy Farming firm.

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