Partnership Firm Taxation

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This discussion clarifies whether a partnership firm with profits around £30,000 and sales of £9.8 Lakhs can opt for presumptive taxation. It also advises on the appropriate ITR forms for small profits or losses, including situations with additional interest income. Furthermore, it addresses the necessity of a tax audit if presumptive taxation is not chosen and a Chartered Accountant certifies the balance sheet.

Monika

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