Friends,
Can partnership firms having income from industry whose sales turnover being less than 40 lakhs declare profits u/s 44AF?
please help me..
Sunil
(Trader)
(2611 Points)
Replied 31 October 2009
Yes. Even a Private Ltd. Company Can. You have to separate the retail trade from other receipts and if you return 5% at least as income then you do not audit otherwise even if your turnover is below 40 lakhs you will have to audit.
CA. Megha Topiwala
(Job)
(1534 Points)
Replied 31 October 2009
Yes ofcourse.... provided he has income from Business having retail Business.... (till A.Y. 2009-2010)
But from A.Y. 2010-11 onwards this benefit can b taken by evey business having turnover of less than 40 Lacs... (Introduced by Finance Act 2009)
In Both the above provisions even partnership firm can take benefit of presumptive taxation....
and expenses u/s 28 to 37 are deemed to b allowed.... but in case of partnership firm remuneration to partner and interest on capital is allowed as per the provisions of income tax act....
Sandeep Keswani
(Tax Consultant)
(1064 Points)
Replied 31 October 2009
Very accurate answer Megha...........good going.
Sandeep Pandey
(CA FINAL)
(1306 Points)
Replied 01 November 2009
Thanku very much...............................
CAclubindia
