Payment of tax file of return

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 April 2013 we have partnership firm as a business of tours & travels and we suffer a loss of Rs.11000 in FY 12-13 and still we not paid any advance tax.so is there any tax liabilities which we have to paid and its necessary to file income tax return for FY 2012-2013

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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06 April 2013 1. Since there is a loss, the firm is NOT liable to pay ant taxes.

2. It is mandatory to file a return for a firm, irrespective of the amount of income/loss.

You should file a return as this will enable you to carry forward the loss and set it off against income of the succeeding year/s.

Querist : Anonymous

Querist : Anonymous (Querist)

08 April 2013 tanks sir

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