Partnerhip firm has turnover of Rs.35 lacs in a trading business. Firm maintains accounts and have net loss of Rs.2,00,000/-. Firm has last year's loss also in books of a/c carried forward.
1. Is this firm required to file Income tax return u/s 44AD and liable to Audit?
or
Can it "opt" out of section 44AD and file return under 44AB i.e., without audit?
2. Can it carry forward last year's and this year's loss in books of a/c?
Please give your valued suggestions
Sec 44AB is attracted only if GROSS TURNOVER exceeds60 lakhs in case of business and15 Lakhs in case of services gross recipets if it exceeds15,00,000 .
Alternatvey u can opt fr Sec 44AD and avoid tax audit u/s 44AB and declare ur income at 8% .
For Carryforward of losses Refer sec 72 fr more details.
DEAR SIR I GURJOT SINGH I WANT TO FILE ITR - 5 (PARTNERSHIP FIRM) SO. PL. TELL ME WHICH WARD / CIRCLE IN MY AREA. I AM FROM LAJPAT NAGAR IST. WITH THANKS
Check on www.incometaxindia.gov.in n click on pan status tab and enter your correct and valid pan no , you will get details of wat you want.
| Originally posted by : TusharSSampatM.Com CA,CS-FINAL | ||
 |
Sec 44AB is attracted only if GROSS TURNOVER exceeds60 lakhs in case of business and15 Lakhs in case of services gross recipets if it exceeds15,00,000 . Alternatvey u can opt fr Sec 44AD and avoid tax audit u/s 44AB and declare ur income at 8% . For Carryforward of losses Refer sec 72 fr more details. |
 |
CAclubindia
