Tax saving of firm under 44ad

Tax planning 164 views 6 replies

I hava a partnership firm whose turnover in 2016-17 is 30 lacs (According to bank statement) till now we have paid very less amount of income tax but this year due to change in rules of remuneration and interest, taxable income is now 240000 I.e 8%. I cannot go for audit because the last date of audit is September and now it is march so their will be huge penalty .. So is their any way I can save tax. .

PS: one of the partner was no more in December 2016 but no intimation has been given to income tax dept till now neither deed has changed..

Replies (6)

Correct...... if taxable income is Rs.2,40,000/-......... tax liability over it will be just around Rs. 72,000/- (30% slab rate) !!!

Dhirajlal sir.. Is their any way to save tax.. Because in actual, their is loss to the firm..
Sir ek partner ki death 2016 December mai hogayi thi. AGR dekha jaye to partnership to already dissolved hai.. But Mene koi adjustment Ni krwaya abhi tk partnership deed mai.. Is their any chances of audit ? Because as per law their is a section governing that if audit is delayed due to death of a partner then it will be consider and no penalty will levy

Present situation is to file ITR (without audit report/ & penalty), assessing minimum 6% profit on bank transactions and 8% over cash transactions........

Alternative is not economical......

Sir what if I make back date stamp paper and make it proprietor
 
Is their any way to save tax.. Because in actual, their is loss to the firm..

 

Prepare financial statement till Dec. 2016, with actual loss amount.

File return of firm till that date under presumptive scheme....... No books of account case.....

As there is actual loss to the firm....... No audit will be applicable......

 


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