Loss in case of partnership firm
This query is : Resolved
10 October 2015
Sir,
My one client is partnership firm. It is first return of partnership firm. Firm total turnover is 1170000/-.But firm has made loss during the year. Should I file loss return in case of partnership firm?
whether firm accounts is required to audited u/s 44ad?
Should I file loss return in case of firm without audit of accounts u/s 44ad?
Please reply fast. It's urgent
My one client is partnership firm. It is first return of partnership firm. Firm total turnover is 1170000/-.But firm has made loss during the year. Should I file loss return in case of partnership firm?
whether firm accounts is required to audited u/s 44ad?
Should I file loss return in case of firm without audit of accounts u/s 44ad?
Please reply fast. It's urgent
10 October 2015
Have to file income tax return.
No audit since loss. Ref 44AD(5).
No audit since loss. Ref 44AD(5).
10 October 2015
Sir,
In this case if I saw a profit of Rs. 5000/- approx then still audit is not required u/s 44ad. My status is Partnership firm.
Because in the case of partnership firm maximum amount which is not chargeable to tax is Rs. 0. There is no basic exemption limit available to partnership firm.
Rs. 5000/- profit below 8%. Please reply fast.
In this case if I saw a profit of Rs. 5000/- approx then still audit is not required u/s 44ad. My status is Partnership firm.
Because in the case of partnership firm maximum amount which is not chargeable to tax is Rs. 0. There is no basic exemption limit available to partnership firm.
Rs. 5000/- profit below 8%. Please reply fast.
10 October 2015
If + 5000, audit mandatory.
10 October 2015
Sir,
Partner remuneration would be counted for calculating income u/s 44ad?
Sir,
Partnership Turnover is Rs. 1170000/-
Profit before Partners Remuneration Rs. 95000/- which more than 8%
now I declare partner remuneration Rs. 90000/-. so after partner remuneration partnership firm profit is Rs. 5000/-.
still in this case account is required to audited. Please reply it's urgent.
Partner remuneration would be counted for calculating income u/s 44ad?
Sir,
Partnership Turnover is Rs. 1170000/-
Profit before Partners Remuneration Rs. 95000/- which more than 8%
now I declare partner remuneration Rs. 90000/-. so after partner remuneration partnership firm profit is Rs. 5000/-.
still in this case account is required to audited. Please reply it's urgent.
10 October 2015
No need of tax audit.
10 October 2015
Thank u so much sir,
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