Neha Ganatra (article) (42 Points)
07 February 2011I had a query, if there is a partnership firm registered in 2004-05 but has not filed its inome tax returns for any year. now it wants to file its return for the year 2009 an d 2010. Can it claim the interest and remuneration as exempt? does the registeration of the firm get cancelled? Plz Reply.
C.A / C.S. DHARMESH SOJITRA
(C.A/C.S - PRACTICE )
(149 Points)
Replied 07 February 2011
The Partnership Firm Can get exemption of Interest & remuneration up limit given in provision of Income Tax Act-1963, Even late filling of Return.. The Registration of also not been Cancelled..
Rachit
(Ca-Final Article.)
(565 Points)
Replied 17 February 2011
Mr Dharmesh Its Income tax Act-1961 Not 1963 ok..........
And yes Firm can claim Exemption 12% as Rate OF intt. and in case of salary
Upto 300000 Book Profit-90% of book profit or Rs 150000 whichever is higher
Above 300000 book profit-60% of Book Profit.......
Book Profit =Profit in books after allowing /disalowing all income and expenses which are noit taxable/taxable under this head...........
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
