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Section 44ad

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Querist : Anonymous

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Querist : Anonymous (Querist)
12 September 2015 A Partnership Firm Gross Receipt Rs. 5678450 show profit @10.04% Rs. 569845 after that Interest to Partner Rs.1030473 & Remuneration Rs. 150000 so net Loss Rs.610628. this is actual situation
i file return u/s. 44AD
My question is whether loss Rs. 610628 eligible to carry forward to next year.
if yes than next year can i set off such loss against income of business under normal provision of income tax.
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Amol S Joglekar

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Amol S Joglekar (Expert)
12 September 2015 yes, you can carry forward the loss to next year.
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