Rectification of return
This query is : Open
Shrigopal Bhaiya
(Querist)
08 May 2017
In case of partnership firm,belated return was filed for A.Y 15-16.Defective notice was received.The firm only received rental income of Rs. 144000 from its machinery and as a result PGBP aagya.Firm claimed expenses such as partners interest expenses and derpre.Now the firm filed its return under 44ad.Partners doesnt wish to pay tax.Defective notice was received as 44AD was applied and income was shown as zero and no 8% income shown.Now how to file its return so as to not pay tax ? They cannot show it under house property as expenses are claimed. One way is to show loss under 44ad.Can you help me out on this ?
CA Rashmi Gandhi
(Expert)
08 May 2017
Clear out other head income & also nature of rental income that is from where u received ro it
CA Rashmi Gandhi
(Expert)
08 May 2017
Furthermore u can not declare income less that 8% of your gross receipts u/s 44AD if you are not audited.
In case of partnership firm you can deduct interest & remuneration allowable from minimum presumptive income i.e 8%
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