HI...
MY QUERY IS REGARDING TAXABILITY OF INCOME OF LLP.
ABC LLP EARNED PROFIT OF RS 1 LAKH IN FY 2017-18, IS IT MANDATORY TO TRANSFER IN PARTNER'S CURRENT A/C OR WE CAN TRANSFER IT TO RESERVES.
SECOND QUERY IN CASE OF LOSS, IF WE TRANSFER LOSSES TO PARTNER'S CURRENT A/C. WILL LLP ALLOW TO CARRY FORWARD LOSSES IN THE ITR
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LLP PROFIT/LOSSES
Replies (1)
1. It's not mandatory for profit it loss to be transferred to current account. you carry forward in reserves it self.
2. yes.
2. yes.
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