Question ID :
40480
079710
I am a working partner of partnership firm and firm is liable to audit u/s 44ADA (since firms profit is less than 50% of turnover) . Besides drawing the salary , I have some additional business income in my personal capacity . Should I liable to audit my other business /profession receipts too ? Further I have filed my ITR AY 19-20 considering that my due date is 31st Oct, 2019 whereas the intimation shows due date as 31-08.19 . Is department is correct as he demand Late fee of Section 234F .
or Alternatelvely we have to file 154 as where in ITR is to be shown that I am working partner so due date of filing is 30th oct
Posted by
SANDEEP KAPOOR
on
Nov 22, 2019
Filed Under
DIRECT TAXES
If your total receipts (including business income in personal capacity and receipts from partnership firm) exceeds audit limit, it will be liable to tax audit. Due date of filing ITR of working partner, where the partnership firm is liable to tax audit is 31st October for A.Y.2019-20. You can file 154 application.
Posted by
CA. chunauti dholakia on
Nov 25, 2019
Answer ID :
80271
For a Partner in a firm due date shall be that of a Partnership firm, you must go for rectification and also, if your other Business's turnover exceeds the limit you shall have to get your books audited.
Posted by
Ashish Kumar Goyal on
Nov 27, 2019