banner_ad

Due date of IT return

430 views 5 replies
One of my clients is teacher and she is also a partner in the firm.
Firm's turnover is around Rs 60 lakh. Whether firm's return can be done under audit. If yes when can individuals return to be done.

Please let me know regarding this.
Replies (5)
Individual Teacher's return due date is 31st Aug 2019 (unless he a working partner)

File ITR 5 for firm. No audit as turnover less than 1 Crore
Individual Teacher's ITR is due on 31st August 2019 ( 31.08.2019 ).

As far as the Partnership Firm is concerned, no TAX AUDIT u/s 44AB of the Income Tax Act 1961 is required since the turnover of the Partnership Firm does not exceeds Rs. 1 crore.

Warm Regards.

1. As per sec 44AD, the partnership firm was included as a part of "assessee" to be included as a part of sec 44AD. Sec 44AD can be opted by the assessee even being a partnership firm and earns income below Rs. 2 crores. 
2. However, on observing sec 44ADA there is no mention "partnership firm as an assessee". 
3. But it is wise to interpret that if a firm is carrying on profession like CA firms they cannot be categorized under sec 44AD and they can only be categorized under sec 44ADA. In that case, Gross receipts or T.O limit will be Rs. 50 lakhs. 
4. Based on the above analogy firm can also carry on business or profession and if it does carry on profession (as specified u/s 44AA) then it will be eligible for sec 44ADA and the limit will be Rs. 50 lakhs. 
5. To answer to your question if the firm is carrying business then the limit for tax audit as per sec 44AB would be Rs 1 crores and if the firm decides to opt for presumptive taxation it can do so. If the firm is carrying on profession then the limit is Rs. 50 lakhs and thus it cannot opt for presumptive taxation and thus tax audit will also be applicable on the same. 
6. To summarise only if the firm is carrying on a business tax audit will not be applicable. If it is carrying on profession then tax audit will be applicable as per sec 44AB. 
7. Individual return is to be filed incorporating salary from the firm and his/her other income from the teaching profession and it should be filed before 31st of August. 
Please correct me if the above interpretation has an alternative view. 

Thanks all for your opinions. Regards
Your always Welcome...

Warm Regards.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
16 May 2026
Account & Audit Asst

RAHUL KHANDEBHARAD & ASSOCIATES

Nashik

B.Com

View Details
Company
02 May 2026
Experience Audit Manager

AGGARWAL SAMIR & CO

New Delhi

CA Inter

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
12 May 2026
Accounts Executive

Nafa Group

Mumbai

B.Com

View Details
Company
08 May 2026
Paid Assistants

Quick Taxperts Private Limited

Bengaluru

Graduate (Any)

View Details
Company
26 May 2026
CA / MBA (Finance) / CMA / M.Com (Finance)

Sri Aurobindo Gnostic Centre of Education

New Delhi

CA

View Details