IT FILING OF PARTNERSHIP FIRM

This query is : Resolved

raghavendra b (Querist)
Follow

23 March 2021 DEAR SIR,

ONE OF MY CLIENT IS PARTNERSHIP FIRM YEAR OF FORM 2017. THEY HAVE AVAILED SUBSIDY LOAN FOR CONSTRUCTION OF FACTORY IN THE YEAR OF 2017-18. PARTNERS INVESTED 6,75000/- EACH . NOW MY QUESTION IS FROM THAT YEAR DID NOT FILED INCOME TAX RETURN. IS THERE ANY PROBLEM BECAUSE THEY HAVE INVESTED THE AMOUNT. CAN WE CLAIM LOSS OF INTEREST PAID TO PARTNERS FROM THE LAST FINANCIAL YEAR IN THIS FINANCIAL YEAR 2020-21 FILE INCOME TAX RETURNS. THERE IS NO SALES AND PURCHASES ONLY CONSTRUCTION OF BUILDING AND PURCHASE OF MACHINERIES. PLEASE SOLVE MY PROBLEM HOW TO FILE INCOME TAX RETURN CAN WE CLAIM THE INTEREST PAID TO PARTNERS.

REGARDS

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

23 March 2021 Section 119(2) (b) of the Income Tax Act, 1961.
File condonation application with CIT. After CIT approval file ITR online.

raghavendra b

raghavendra b (Querist)
Follow

24 March 2021 thank you sir,

There is no sales from last financial year now from this march 21 is going to start business is there no any income how to distribute the interest to the partners?

regards sir,

thank you

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

25 March 2021 You can defer the interst payment.

raghavendra b

raghavendra b (Querist)
Follow

25 March 2021 THANK YOUR SIR,

REGARDS

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Rajasekar

Jayanti Visani

JACOB ABRAHAM KURIALANICKAL

Sneh Choraria

AJAY Kumar Agrawal

Subscribe Now

IT FILING OF PARTNERSHIP FIRM

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA