IT RETURN
This query is : Resolved
06 May 2020
DEAR SIR,
ONE PARTNERSHIP FIRM REGISTERED AS ON NOVEMBER 2019. NO OF PARTNERS 3. EACH PARTNER TO BE DECIDED INTO INVEST RS. 400000/- IN THE FIRM. BUT THE CAPITAL AMOUNT OF THE PARTNER SHALL BE DEPOSITED IN THE BANK ACCOUNT. BECAUSE BEFORE GST REGISTRATION BANK ACCOUNT COULD NOT BE OPENED IN ANY BANK. NOW GST REGISTRATION TAKEN AS ON JAN 2020. STILL THERE IS NO TRANSACTION AND FILED AS NIL RETURN TILL MACH 2020.
MY QUESTION IS WHETHER INCOME TAX RETURN OF THE FIRM TO BE FILED AS NIL OR IS THERE ANY INTEREST ON CAPITAL AND REMUNERATION OF THE PARTNERS TO BE CALCULATED UP TO THE MARCH 2020?.
BECAUSE THERE IS NO CAPITAL AMOUNT SHOWN IN THE BANK ACCOUNT.
PLEASE CLARIFY ME
ONE PARTNERSHIP FIRM REGISTERED AS ON NOVEMBER 2019. NO OF PARTNERS 3. EACH PARTNER TO BE DECIDED INTO INVEST RS. 400000/- IN THE FIRM. BUT THE CAPITAL AMOUNT OF THE PARTNER SHALL BE DEPOSITED IN THE BANK ACCOUNT. BECAUSE BEFORE GST REGISTRATION BANK ACCOUNT COULD NOT BE OPENED IN ANY BANK. NOW GST REGISTRATION TAKEN AS ON JAN 2020. STILL THERE IS NO TRANSACTION AND FILED AS NIL RETURN TILL MACH 2020.
MY QUESTION IS WHETHER INCOME TAX RETURN OF THE FIRM TO BE FILED AS NIL OR IS THERE ANY INTEREST ON CAPITAL AND REMUNERATION OF THE PARTNERS TO BE CALCULATED UP TO THE MARCH 2020?.
BECAUSE THERE IS NO CAPITAL AMOUNT SHOWN IN THE BANK ACCOUNT.
PLEASE CLARIFY ME
06 May 2020
You can open current account with firm registration and partnership deed ,
You can file tax return with loss , since you have incurred registration and incidental expenses , rent , electricity , maintenance exps , professional fees etc pertains to firm .
You need to have firm bank account to file income tax return .
You can file tax return with loss , since you have incurred registration and incidental expenses , rent , electricity , maintenance exps , professional fees etc pertains to firm .
You need to have firm bank account to file income tax return .
07 May 2020
thank you for your reply sir, can we adjust interest on capital on accrue basis and salary for partners.
regards
regards
07 May 2020
Salary to partner allowed as per income tax act , for loss maximum allowed 150000/- profit upto 3 lakh 90% allowed above 3 lakhs 60% profit can be apprtioned as salary
07 May 2020
Other than HUF or individual are under compulsion to file return.
Payment of interest and remuneration depends on terms and conditions of partnership deed.
Payment of interest and remuneration depends on terms and conditions of partnership deed.
08 May 2020
Yes filling of returns is mandatory if you would like to carry forward the losses and claim to set off the same in coming years. Moreover if the partners did not provided the capital in the bank account till March 31st how would you provide for Interest, expenses or even salary to them ?
08 May 2020
thank you for all yours replies, sir
regards
regards
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- About TDS & Income Tax
- PPF interest-As Exempt Income disclosure
- Pass word to open justification report for Q1 for FY 2026-27
- Under construction property in ITR
- Section 194JA & JB Income which ITR Form to use
- Scrutiny and reopening of past returns
- Building tax payment deduction in rental Income
- Not able to file ITR
- Upload Level ValidationITR3Category of Defect B/D
- FEMA regulation Act. for inward remitance
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
