Itr filing
This query is : Resolved
sumaira bhat
(Querist)
14 May 2019
I AM RUNNING A PARRTNERSHIP FIRM. MY TOTAL SALES TURNOVER IS Rs. 99000 FOR THE ASSESSMENT YEAR 2019-20. CAN I FILE ITR 4 WITHOUT INCOME TAX AUDIT FOR MY FIRM.
14 May 2019
Yes... If Your business is eligible u/s 44ad.
Otherwise ITR 4 not suitable for Your firm.
(Also understand the sec related activities)
Message likes :
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21 May 2019
You can file return showing income u/s 44AD if eligible business but you have to show minimum 8% net profit of gross receipts and pay tax @ 30%. remember that in that case you will not have the luxury of deduction on account of partners remuneration and interest on capital out of that 8%. in other words it is included in 8% net profit.
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