Income Tax return of a Partnership Firm
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 May 2011
Is Income Tax return filing mandatory of a partnership firm having loss income.
20 May 2011
Yes it is mandatory and beneficial to the assessee.
It is better to claim losses of the firm by filing the return on or before the due date.
Otherwise loss will not be allowed to be c/fd.
Brought Forward losses will reduce the tax liability substantially in the profit making year.
It is better to claim losses of the firm by filing the return on or before the due date.
Otherwise loss will not be allowed to be c/fd.
Brought Forward losses will reduce the tax liability substantially in the profit making year.
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