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Payment of tax file of return

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Querist : Anonymous

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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
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
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.
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Querist : Anonymous

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Querist : Anonymous (Querist)
08 April 2013 tanks sir
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