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In: Accounting

[Indian company] There is a tax filing session in September right for partnership firms and all?...

[Indian company] There is a tax filing session in September right for partnership firms and all? Only I need to file my total income and expenditure right. Mine is a startup. And for proof I should be maintaining the bills for the same right. Is there anything else I should be doing in future. Elaborate please any tips or advices as well..

Solutions

Expert Solution

Answer 1 : the due date for filing retun for partnerships whose books are not required to be audited is 31st july.For partnerships whose books are required to be audited it is 30th september.In case of partnership u need to file ITR-5

Answer 2 : Yes you need to file your income and expenditure only. All income under variouss sources as per income tax act must be disclosed

Answe 3 :U need to amintain your books of accounts in the place of business that u have mentioned with the income tax authorities.Books of account would include details of all income and expenditure in asystemtaic manner.

ANswer 4 :If you are doing the above thinsg things then you are good for the time being.Please read the provisons in case audit is applicable to you.

Advise : Consult a chartered accountant as he might explain more elaborately after seeing your income and expenditures.Also there are numerous tax exmeptions for start ups .Consult a Professional he might help you settinh up accounting structure in the organization effectively.

ekkarill92 answered 1 year ago
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