Question

What are some challenges that most people face and solutions, both anticipated and unexpected, when completing the partnership tax return?

Answer 1

1. Filling Correct Details Manually

Since Tax Returns carry No. of Rows & Columns, if not done properly can lead to errors in the returns. For example, if dates have to be entered in the DD/MM/YYYY format only & if date is entered in any other format, the returns would be incorrect.

2. Correct Computation of Income

a. Income from Operations

b. FD interest (if any)

c. All deductions from Income to be considered

d. Receipts from Sale of Capital assets

3. Mismatch in TDS Details

4. Forgettting Login Credtentials at the Right time

5. Considering any Deductions as per specified Partnership Acts

6. Considering CArry F/w Losses (if any)

7. Internet Breakdown / Slow Internet (most unanticipated & will be during at Peak hrs)