banner_ad

Regarding filing of partnership firm return

This query is : Resolved 
Profile Image

Profile Image

(Querist)
22 March 2015 Dear Sir,
My query is that , my client has registered his partnership firm in 2008, since then he has not filed his return for partnership firm, there are 2 partners in the firm he and his wife.He has been filing his and his wife return in that they were showing income from business which partnership firm was dealt with.
Now he wishes to file return for partnership without showing balance sheet and profit and loss account. Ways the solution.
Profile Image

CS Advocate Abhishek Goyal

Profile Image

CS Advocate Abhishek Goyal (Expert)
24 March 2015 First of all he has committed mistake in not filing partnership firm's return at all since its inception while he was continously filing return of two partners. Now he can file partnership firm's return only for two years i.e. 2013-14 and 2014-15 till March 31, 2015. He can show income u/s 44AD for which it is not required to maintain accounts but in that case minimum net profit of 8% is to be shown.
Profile Image

Soumitra Basu

Profile Image

Soumitra Basu (Expert)
29 March 2015 IN ADDITION TO THE ADVISE OF MR. GOYAL, I WOULD LIKE TO MENTION THAT INTEREST ON CAPITAL AND PARTNER'S REMUNERATION SHALL BE ALLOWABLE FROM NET PROFIT DETERMINED UNDER SECTION 44AD OF THE ACT SUBJECT TO APPROVAL OF THE SAME IN PARTNERSHIP DEED.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI
ChatGPT Perplexity Claude Google AI Grok

CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details