What is 44 AB(e)

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This discussion explores whether a partnership firm can carry forward business losses after missing the original tax return filing deadline. While typically losses cannot be carried forward if the return is filed late and no tax audit was conducted, one expert suggested conducting an audit under Section 44AB(e). However, the consensus is that Section 44AB(e) doesn't apply in cases of loss, and the firm may need to file a condonation application with the CIT for the delay. Alternatively, if a tax audit isn't conducted, the firm might be required to declare an 8% profit.

SHYAM KRISHNAN K

SHYAM KRISHNAN K (Querist)

07 October 2022 I am carrying a partnership business and previous year i had suffer a loss. I am not subject to tax audit and fail to furnish return on july 31. In this case i have informed that, the los
can't be carry forwarded to following years. One of the expert suggest me to conduct audit under 44AB(E) and thereby it is possible to carry over loss to subsequent years. Is it possible

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

07 October 2022 In case of loss 44AB(e) not applicable.
File condonation application under section 119(2)(b) with CIT giving some valid reason for the delay in filing ITR

SHYAM KRISHNAN K

SHYAM KRISHNAN K (Querist)

07 October 2022 In my case , it is a partnership firm, so i think that now it is compulsory for tax audit for the purpose of declaring loss. otherwise i have to offer profit of 8 %. Is in't it?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

07 October 2022 On case of loss no need for tax audit

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