THIS IS REGARDING ONE OF MY CLIENTS.
HE IS A DIRECTOR OF A PRIVATE LIMITED COMPANY TAKING REMUNERATION AS A NORMAL DIRECTOR.AND ALSO A PARTNER OF A FIRM RECENTLY FORMED OVER THE LAST F.Y. OF 2012-13, WHICH IS AT LOSS ON 31ST MARCH, 2013.
REGARDING THESE I HAVE TWO QUESTION.
1) IS IT NECESSARY FOR THE PARTNERSHIP FIRM TO DO A TAX AUDIT AS IT IS AT LOSS (MAINLY DUE PRELIMINARY EXPENSES) ?
2) WHICH ITR SHOULD THE DIRECTOR FILE FOR HIS INCOME TAX ? (GIVEN HE HAS NO OTHER BUSINESS OTHER THAN THESE TWO, COMPANY AND PARTNERSHIP).
MATTER IS URGENT.
SO KINDLY REPLY.
CAclubindia
