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,
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
- Opting our of sec 44AD
- Form 121 & TDS deduction
- GST Treatment of Insurance Commission for Existing GST Holder
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Regarding appeal to GSTAT
- Invoice V/S Goods receipt Note Date
- Multiple trade mark
- Transporter Declaration form
- LC charges in relation to Asset purchased should be Capitalised ?
- TDS LATE PAYMENT
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
