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Question About ITR 5

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(Querist)
26 March 2011 Dear Sir,
can i file the return of Partnership without maintain the books of account because the gross turnover of this firm approx 2.5 lacks. This is first return of this firm.
Plz send the solution of this problem as soon as posible. Send the solution of this problem my email id: namrata_sharma3107@rediffmail.com
Thanking You
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shrikant

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shrikant (Expert)
27 March 2011 Yes, you can but make sure that when you file return then notify in the return that records are not maintained.
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CA Ketan Jain

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CA Ketan Jain (Expert)
27 March 2011 As per IT, Act,1961, if your gross turn over is less than Rs. 10 Lakhs then u need not maintained books of accounts. In that case u can filed the return with giving the details of P&L and BS. but u have to give details of debtors, creditors, total income, total expense and cash balance, if any.
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