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Does it is compulsory to keep bookkeeping in partnership firm ??
does it is compulsory to keep bookkeeping in partnership firm ??
Replies (9)
Quick Summary
Yes ..
Why ??
Partnership firm is required to pay tax at flat rate without any exemption limit.
So to know the tax liability and to produce a true and fair extract of account before tax authorities account's are required to be maintained
So to know the tax liability and to produce a true and fair extract of account before tax authorities account's are required to be maintained
Also if the firm earn profit of only 10 thousands
Yes then too tax is required to be paid as there's no basic exemption limit for firm unlike individuals under income tax act
So what if they don't maintain account ??
Face the consequences with the tax department.
not sure why you keep on asking such silly things. when experts are telling you it's required to maintain accounts just follow it.
not sure why you keep on asking such silly things. when experts are telling you it's required to maintain accounts just follow it.
Oh thank for solving my doubt
Your welcome
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