Income tax return for partnership firm

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This query is : Resolved

Suren Pareek (Querist)

07 January 2014 what is the rule for filling income tax return of partnership firm ? I started a firm with my friend. I started it dec. 2012. but I couldn't submit income tax return. so please tell me about rules .....?

CA Chirag Haraniya

CA Chirag Haraniya (Expert)

07 January 2014 Dear Suren,

As per Sec. 139(1) Every person whose income exceeds maximum amount which is not chargeable to tax has to file return.

Due Date for filing Return:
If Tax Audit or Audit under Any other act is applicable then Due Date is 30th September of relevant assessment year.

In all other cases Due Date is 31st July of relevant assessment year.

Further for partnership firm even single rupee income will be chargeable to tax.

So only in case of loss it would be permissible if you dont file return. However such loss will not be allowed to carried forward to subsequent year.

Regards,
Chirag M. Haraniya

CA Chirag Haraniya

CA Chirag Haraniya (Expert)

08 January 2014 I gone through wordings of act. Let me rectify my statement. For firm and company it's compulsory to file return u/s 139(1)(a).

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