Return of loss
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 October 2013
IF PARTNERSHIP FIRM RETURN OF LOSS IS FILED AFTER DUE DATE, AUDIT OF ACCOUNT IS COMPULSORY?
CMA Ramesh Krishnan
(Expert)
02 October 2013
Incase if you are covered under sec.44AD then audit is compulsory for claiming losss. and how ever the time limit is crossed for normal return and cannot be carry forward the loss in belated return
CA Pallav Singhania
(Expert)
02 October 2013
If the return willed after the due date you can not carry forward such loss nor claimed set off...
Ganeshbabu K
(Expert)
02 October 2013
1)if your partnership turnover not exceeded 1crore turnover and your have loss,,you not required to get your books audited by a chartered accounted u/s 44AB by virtue of Section 44AD(5)
2)however audit is mandatory once turnover exceeds 1 crore
3)You cannot carry forward losses if you failed to file return of income with in due date prescribed under section 139
2)however audit is mandatory once turnover exceeds 1 crore
3)You cannot carry forward losses if you failed to file return of income with in due date prescribed under section 139
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