Firm in losd

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shruti (Querist)
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17 March 2014 PLEASE TELL ME 1.AUDIT REQUIREMENT 2.CAN I FILE LOSS RETURN IN MARCH 2014. ======================================== MY PARTNERSHIP FIRM INCOME ======= 30000.00 FIRM CONTAIN A PROVISION THAT BOTH PARTNER SHALL BE ENTITLED FOR SALARY OF 10000 PER MONTH AND INTT 12% ON CAPITAL POSITION IN BOOKS ========================= RECEIPT 30000.00 lESS PARTNER SALARY 240000.00 lESS:- INTT 50000.00 =============== AS PER BOOKS LOSS 260000.00 =============== AS PER TAX POSITION ===================== RECEIPT 30000.00 lESS INTT 50000.00 lESS-PARTNER SALARY 150000.00 =========== LESS IN RETURN 170000.00 ============= CONFUSION ========== 1. AM I RIGHT OR WRONG IN ABOVE WORK 2. I HEARD THAT IF I WANT TO FILE LOSS RETURN AS ABOVE THEN AUDIT IS MUST firm is professional firm and covered under technical consultancy. I think 44ad not applicable. firm net profit is 30000,before partner remuneration and interest. if I debit interest and remuneration then in loss . my friend said in case of loss tax audit is mandatory

TKKKKKK

TKKKKKK (Expert)
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17 March 2014 First thing, 44AD will be not applicable in your case as it is professional firm.
your calculation for lose as per income tax act is right which is (170000)
Tax audit is required where your firm's turnover exceeds 25 lakhs.

If turnover is less than 25 lakhs, there is no need for audit.
you can file return in march showing loss. and it is valid but you can't claim the loss for set off in next year. as return is filed after due date.

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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17 March 2014 I already replied to your another same query with detail explanation. please read that and then confirm your self or reply with the requirements i asked in my reply.

OM SAI SRI SAI JAI JAI SAI

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