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Filing of return

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Querist : Anonymous

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Querist : Anonymous (Querist)
21 August 2012 I am partner in a firm which we started in nov-2011. we get only 1 receipt of rs. 5000/-. Is it necessary to file return of f/y 2011-12? please advise.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
22 August 2012 1. The exemption limit for a partnership firm is NIL.

2. Whatever income is earned by the firm is taxable @ 30%.

3. So you will have to file the return of income.
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