Hi i am kiran from bangalore...me and my friend running a partnership firm from 1/10/2011 till today and we want to dissolve our firm from april 2013.
I need a help on closing accounts .(My questions are .........)
1. we have not filed tax return for the f.y 2011-12. now want to file return of both individuals as well as for firm
We took Rs. 150000/each partner for six months.(as salary)
my other income is 662500
I took Rs. 300000 from firm as advance from last employer.
i have made 50000 investment in Lic.
Now how much tax i have to pay ?
can TDS be deductefrom Firm account or i have to pay self assessment tax.?
Kindly help me on this...with clear information.like penalty and interest.
CAclubindia
