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Losses carry forward

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Querist : Anonymous

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Querist : Anonymous (Querist)
17 January 2017 Dear Experts,
In AY 2017-18 our company will incurred the loss however the turnover is below 1 crore. Pls clarify...1) weather the audit will be conduct in case of loss...2) as per the Income tax rule till how many year the loss can be carry forword

Regds
Amit
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
17 January 2017 1 No tax audit applicable.
2 The loss can be carried forward for a period of 8 years.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
17 January 2017 1 No tax audit applicable.
2 The loss can be carried forward for a period of 8 years.



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Querist : Anonymous

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Querist : Anonymous (Querist)
17 January 2017 Sorry it was partnership firm not company.

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