Partnership firm

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 January 2016 Dear Sir,
There is a partnership firm, and during the fy 2014-15 it has only made purchase of capital goods plant and machinery of Rs. 300000/-. If I files its return with zero trading a/c whether the audit is require in above case or not?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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28 January 2016 Audit of accounts is not necessary.

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Querist : Anonymous

Querist : Anonymous (Querist)

28 January 2016 In one of my case where I have filed itr of a firm u/s 44AD and after subtracting salary of partners the net profit u/s 44AD profit gone to zero. And after some time cpc issued it as defective return and ask me to audit or show profit @8%.
Therefore I am worried that if I file this return with zero figure trading a/c, cpc would declare it as defective?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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28 January 2016 That may be a case wherein the ITR might not have been filled correctly.
Reasons may be 'books not maintained cases' has not been selected, Remuneration might not have been filled in 'partners /members details'.

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