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Direct tax
How to transfer loss from firm to company if conversion is done during the year? Do we need to file ITR for both entities or not? Should I file ITR for both the entities in the year of conversion?
Replies (1)
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Losses: You can carry forward the firm's business losses and unabsorbed depreciation to the company only if the conversion strictly complies with the conditions under Section 47(xiii).
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Filing: You must file separate ITRs for the firm (up to the date of conversion) and the company (from the date of conversion to the end of the financial year).
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