Filing of Income Tax Return for Firm.
This query is : Resolved
Guest
Guest
(Querist)
08 September 2010
ABC Firm (Registered) was formed in August 2009.
Firm earned approximately a sum of Rs.80000/-.
After all expenses, Firm shall be having only loss.
Whether the Firm is required to file Income Tax Return ?
Ans : ......................
Partners (Two) are under the impression that as there is no profit, the Firm is not required to file Income Tax Return and therefore not even filed a NIL Return.
Ans : ......................
I shall wait for Experts' views.
Firm earned approximately a sum of Rs.80000/-.
After all expenses, Firm shall be having only loss.
Whether the Firm is required to file Income Tax Return ?
Ans : ......................
Partners (Two) are under the impression that as there is no profit, the Firm is not required to file Income Tax Return and therefore not even filed a NIL Return.
Ans : ......................
I shall wait for Experts' views.
Aditya Maheshwari
(Expert)
08 September 2010
1 - firms do not have the option whether to file or not. They have to complusorily file
2. then file now. Loss will not be allowed to be carried forward as late return filed.
2. then file now. Loss will not be allowed to be carried forward as late return filed.
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