Firm related
Querist : Anonymous
we are 3 partner and working as firm name is xyz we nether have PAN card on our firm name nor our firm is registered under pship act.
now the qus. is
1. we earn Rs. 6,00,000/- it is accessed in the name of firm @ 30% or we take our share Rs. 2,00,000/- each and file our return by showing it as our business income with our other income by taking normal slab rate?
2. is it necessary to take PAN card on the name of firm if we 3 partners working together as per income tax act ?
3. and if our firm is liable to Audit u/s 144AB then we require PAN card and Access our firm @ 30% or we can access our share in our ROI at normal slab rate by showing it as business income.
2. It is necssary to take PAN in the name of partnership fiem
3. If your firm is doing business then audit is mandatory if your turnover id above Rs. 60.00 Lakhs otherwisw take the benefit of Sec 44AD of income tax act
Your firm does not have the PAN Number then how you are filing the Income Tax Return. It is clear cut case of non filing of return and you may be served with notice u/s 142(2) or 148 at any time for filing the return and without PAN Number the firm may be treated as AOP and taxed @30.9% with interest and penalty of concealment.
Other the expert have explained.
Querist : Anonymous
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