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Querist : Anonymous

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Querist : Anonymous (Querist)
16 March 2010 A partnership firm started in march 2009 did not submit accounts to IT and has incurred expdtr. in 20090-2010 from the investments made by the partners. They are expecting income only in May 2010. Should they submit accounts to IT showing loss or can they submit in May 2011 for all the three years when they start earning. They plan for cash system instead of mercantile system. Expected Income is less than 15 lakhs and expdtr.inurred till date is around 20 lakhs kindly guide
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
16 March 2010 It is mandatory for partnership firms to submit income tax return every year irrespective of the income.
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