Itr for partnership

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 November 2017 Dear Experts.,
How to I file my ITR in partnership firm FY 2016-17...?
Some of my friends says audit is applicabe your partnership firm...

Thanks

Ashiwini Ballodia

Ashiwini Ballodia (Expert)
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22 November 2017 What is the Turnover & profit of your partnership firm ?

Parv Kumar

Parv Kumar (Expert)
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22 November 2017 Audit applicable if your turnover exceeds Rs.1 crore.

CA Ankit R Momaya

CA Ankit R Momaya (Expert)
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23 November 2017 Applicability of Tax Audit can only be after knowing your Turnover and Net profits

Querist : Anonymous

Querist : Anonymous (Querist)

23 November 2017 Yes... thank you all.
our t/o is around 35lakhs...

CA Ankit R Momaya

CA Ankit R Momaya (Expert)
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23 November 2017 Tax Audit is applicable only if your profits are lower than 8% of your Turnover. i.e. You must declare minimum profits of 2.8 Lacs (35 Lacs * 8%) . In other words you will have to get your books audited if you declare lower profits

Querist : Anonymous

Querist : Anonymous (Querist)

23 November 2017 but,
Sec 40b is applicable or not...?
can we get remuneration nd Interest...?

CA Ankit R Momaya

CA Ankit R Momaya (Expert)
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23 November 2017 From FY 2016-17 onwards, Interest on Partners Capital and Remuneration u/s 40(b) is not deductible from presumptive profits . i.e You have to declare minimum of 8% after deducting Interest and Remuneration