Partnership Firm Taxation

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Monika (Querist)
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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

Eswar Reddy S

Eswar Reddy S (Expert)
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23 July 2020 Either you have to declare 8% of sales as profit & pay tax on presumptive basis or Go for tax audit declare 30K Profit

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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19 December 2021 File ITR 4 if presumptive assessment opted, otherwise file ITR 5.

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