Dear Sir / Madam.,
A partnership firm (2 members) run a Engineering Firm with Service works... They are filed the firm Account previous FY like 2013-14, 2014-15 and 2015-16 U/s 44AA and Without Audit. Also they get Remuneration and Interest after the profit...
Their T/O around 40 lakhs in FY 2016-17... Also they have all accounts based on Sec 44AA.
Query is:
1. Can we file the same way in FY 2016-17...?
2. In this case Tax Audit Applicable or Not...?
3. How to file without Tax Audit...?
1. Yes........ or even offer the income assessment u/s. 44AD.
2. In either case tax audit is not required if profit margin is 6/8 % or more........
3. File u/s. 139(4).....
Thank you Sir.,
In the AY 2017-18 Tax Audit is appilicable to Partnership Firm..
so above said view by your reply..
3. File u/s 139 (4)....
If I file the section then tax audit not required...???
If yes.. Please give the solutions or Explain...
I think there is mis-understanding, I repeat:
In either case tax audit is not required if profit margin is 6/8 % or more........
When tax audit is not applicable........ then you cannot file it within due date.... which was 5th August, 2017
If you wish to go for Tax audit.......... you can file u/s. 139(1) upto 31.10.2017.....
First you decide....... what is the profit margin you have......
SIr.,
Last FY (2015-16) T/O - Rs. 46,21,870 /-
Profit Before remuneration - Rs. 4,99,071/-
Less remuneration - Rs. 3,89,450 /-
Profit - Rs. 1,09,630 / -
Tax Payments Rs. 33876 (TDS- Rs.33040 + Cash - Rs. 990 withInterests)
Now FY 2016-17 .Rs. 43 lakhs...
Assuming total turnover through bank......... 43 lakhs * 6% profit = 2.60 lakhs.
So, in case the client is ready to declare minimum 2.60 lakhs profit.... and also ready to pay tax about Rs. 80,000/-......... Tax audit will not be applicable......... Otherwise file normally u/s. 44AB with tax audit report.
SIR
I DO HAVE PARTNERSHIP FIRM STARTED IN 2016-17. BUT NO SALE PURCHASE BEING DONE.
BANK INTEREST AND OTHER EXPENSES MAKE PL NEGATIVE . IN THAT CASE TAX AUDIT REQUIRES OR NOT ???
@ Durgesh Bansal ......TAR Not required.....
CAclubindia
