Loss from partnership
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 September 2012
A partnership firm has loss in its P & L for the year 2011-12. Is it necessary to pass on the loss to the partners or the loss can be retained in a reserve account and next year when the firm earns profit, then the loss of this year can be adjusted & then passed to the partners.
13 September 2012
The loss will be shown in the Income Tax return of the firm and shall be carried forward for 8 assessment years.
Such loss shall be set off against business income earned in any of the subsequent years.
The loss will NOT be passed on to the partners.
Such loss shall be set off against business income earned in any of the subsequent years.
The loss will NOT be passed on to the partners.
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 September 2012
Thanks a lot Sir. Thanks for your expert advice. Can you give me reference of any text or any book where it is written.
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