Hi All,
Can anyone please let me know which ITR should I file for a Firm which has no income but only a few expenses like rent and salary. Am I required to audit the same under 44AB( as its a loss return) or should I file a nill under 4AD or a normal return (ITR5)? If I go ahead with ITR 5, will I be able to carry forward the actual expenses as loss including the Partners Remuneration of 1,50,000Rs.?
Thank You in Advance.
File ITR 5 under normal provision.
No need of audit when there is loss
Thank you Sir,
Can you please let me know about the Carry Forward losses and Partner's Remuneration.?
as the book profit is less than 300,000 or loss, the firm can pay upto 150,000 as remuneration to partners.
You have to draft the profit and loss account to arrive at the loss and file the same in ITR5
The loss can be carried forward for the next 8 AYs.
Since it is a loss return Audit u/s 44AB not required,
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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