Tax on partnership firm

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 August 2017 I want to Know if Partnership firm have business loss from previous year and F.Y. 2016-17 have income which more than presumption income u/s 44ad then they can set off the previous loss against current income...??

RAJA P M

RAJA P M (Expert)
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17 August 2017 Yes. You can set off your loss but, You don't file ITR for presumptive taxation....

Querist : Anonymous

Querist : Anonymous (Querist)

17 August 2017 Thank you
My Previous Year F.Y. 2015-16 Loss is 26 Lacs. Current Year F.Y. 2016-17 Income is 10 Lacs before (Partner's Remuneration, Interest) both are 2 lacs now my taxable income comes Rs. 8 lacs which is taxable @ 32%. but when I set off previous Loss then it will be (26-8)18 lacs to be carry forward in F.Y. 2017-18. is is right calculation ???