carry forwarded of losses of a dissolved partnership firm
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 September 2010
if a partner retired from the partnership firm, and the firm is reconstituted after that, what procedure will be happened for previous years losses
09 September 2010
Section 78 of the Income tax Act,1961 says the brought forward loss proportionate to the share of the retired partner as reduced by his/her share of profit of the retiring year will not be allowed to carry forward.
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