new firm

Querist : Anonymous (Querist) 28 October 2010 This query is : Resolved
1.we have submitted copy of partnership deed at the time of PAN application of new firm and since turnover of firm is exceed limit u/s. 44ab we have to compulsory file e return and as per new system you should not submitt any document with return. then how assessment officer can know about terms for remunertion and interest?
2. as per amendment in allowable remuneration ratio of profit whther all firm have to submitted modified partnership deed to income tax officer?

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A V Vishal (Expert) 28 October 2010
1.we have submitted copy of partnership deed at the time of PAN application of new firm and since turnover of firm is exceed limit u/s. 44ab we have to compulsory file e return and as per new system you should not submitt any document with return. then how assessment officer can know about terms for remunertion and interest?

Ans. You will receive notice asking to file the partnership deed while assessing your file in due course.

2. as per amendment in allowable remuneration ratio of profit whther all firm have to submitted modified partnership deed to income tax officer?

Ans: Same as above.

s.subramanian (Expert) 29 October 2010
I agree.

soumitra basu (Expert) 31 October 2010
The headache is of the assessing officer. Why you are taking the problem on your shoulder. Only wait and see.

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