Taxability of Partnership firm for FY 2025-26
This query is : Resolved
Mahabir Prasad Agarwal
(Querist)
31 August 2026
A partnership firm is having turnover of 50.00 lac during FY 2025-26. If the account is audited by a CA and there is taxable loss after providing remuneration to partners. Is there any problem to carry forward the loss ?
31 August 2026
The partnership firm can carry forward the loss to subsequent assessment years without any issue, provided:
The partners' remuneration is validly authorized by the Partnership Deed and stays within the limit of Section 40(b).
The Income Tax Return (ITR-5) for FY 2025-26 is filed on or before October 31, 2026 (the due date under Section 139(1)).
The partners' remuneration is validly authorized by the Partnership Deed and stays within the limit of Section 40(b).
The Income Tax Return (ITR-5) for FY 2025-26 is filed on or before October 31, 2026 (the due date under Section 139(1)).
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