Save Rs 588 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

Parnership acvount

335 views

Save Share

Join Us Follow Us Add as Source

Vijay Baraiya

Advocate

20 Points Posted on 01 September 2020

partnership ke liye konsa itr bharna hai ? turnover 1 cr se kam hai aur accounting bhi nahi hai

Replies (6)

Quick Summary

This discussion explores the correct Income Tax Return (ITR) form for partnership accounts with a turnover under £1 crore and no formal accounting. It covers the applicability of presumptive taxation under Section 44AD, which allows filing with ITR-4 at an 8% or 6% profit rate. Alternatively, the normal scheme using ITR-5 with books of account is discussed, including considerations for house property details and audit requirements.

Sagar Patel

Tax and Business Consultant

20 Points Posted on 01 September 2020

You can show your business income as per Section. 44AD under Presumptive Taxation @ 8% or 6% as the case may be if you're doing business which are eligible to adopt presumptive Scheme u/s 44AD.
In this case you can file your return in Form ITR 4.

what is your nature of business /business activity.?

Vijay Baraiya

Advocate

20 Points Posted on 01 September 2020

Manpower service in company, but 44AD under 8 % profit rakhu to mujhe 30 % tax Dena padega

Sagar Patel

Tax and Business Consultant

20 Points Posted on 01 September 2020

Yes, you have to Pay 30% tax + cess ect..but it's on that 8 % Profit under 44AD.

otherwise, you can file under normal scheme in ITR 5 "with books of account"..