Partnership Firm
This query is : Resolved
22 July 2020
Hi, If our partnership firm has earned appx Rs.30 Thousand as profit for previous financial year with sales of 9.8 Lakhs. Can we pay tax on presumptive basis ? Also which ITR forms we need to file if we earn small profit or losses ? Other income is only income from savings in form of interest on FD.
Also in case of small profit or losses of partnership firm, if i don't opt for presumptive taxation and get my balance sheet certified by a Chartered Accountant , do i need to go for a tax Audit also?
Regard
Monika
Also in case of small profit or losses of partnership firm, if i don't opt for presumptive taxation and get my balance sheet certified by a Chartered Accountant , do i need to go for a tax Audit also?
Regard
Monika
22 July 2020
Sales 9.8lacs
Profit :30K
Liable for tax audit
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22 July 2020
You may opt for presumptive taxation by adopting 6% or 8% profit on sales
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22 July 2020
ITR Form applicable is ITR-5
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23 July 2020
thank you sir for your response, sorry sir sales are 8.98 Lakhs and profit is around 30K, do i need to go for tax audit also if I don't opt for presumptive taxation ?
19 December 2021
Check applicability of sec. 44AA (2) of IT act for non maintenance of books of accounts. If eligible, no audit applicable.
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