Dear Team,
the total turn over of Partnership firm for the FY 2018-19 is below Rs.10,00,000/-. What is the due date for IT return filing. And is there tax audit is mandatory for this firm.
And if the firm is failed to file the return before due date then what will be the penalty and interest for late filing of return.
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Non Tax Audit - firm Income Tax Return
Replies (4)
Extended due date is 31st August 2019
No audit requirement
Penalty if taxable income below 5 lakhs then 1000 and above 5 lakhs it's 10000
The above is if return filed by 31st Dec 2019
Beyond that more penalty.
No audit requirement
Penalty if taxable income below 5 lakhs then 1000 and above 5 lakhs it's 10000
The above is if return filed by 31st Dec 2019
Beyond that more penalty.
Rightly said.
Audit is not required as per turnover limit but in cases when profit is shown below specified percentage 8 or 6 % then audit will be required.
Audit is not required as per turnover limit but in cases when profit is shown below specified percentage 8 or 6 % then audit will be required.
profit %age condition of 8 or 6% is only when you opt for 44AD . Otherwise no such requirement and no audit
Audit requirements based Assessee's filing option like 44AD or 44AA...
If opt 44AD then must show 6%/8% profit..
If opt 44AA then no need such conditions and audit.
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