Dear All,
Pls help me out with one of my query:
A Private Ltd. co. converted into LLP in mid of the year 2015. Predecessor co. had loss in earlier years as well as in current year before coversion. Now i am filing ITR of LLP. Requesting you to kindly tell me , in ITR-5 where i have to show loss of predecessor co. to claim set off. I did not find any column where i can put this loss. Pls reply asap
Regarding conversion of Partnership firm to LLP, if conditions of transfer given in Section 47(xiii)b are fulfilled by the LLP, then you can claim the business loss u/ s 72 as normally you do for a firm.
in ITR5, you need to give the amount in the column of Carry Forward Loss, there is column of brought forward loss, there you need to mention he previous year's loss details
Thanks Tanvi Mam,
but what about current year loss of the predecessor co. between the period from 01.04.2015 to aug,15 i.e date of coversion.
Because there is no column to fill current year loss of predecessor co.
after the column of Brought forward loss, there is a column for carry forward of loss, which is to be filled for current year loss if any and if not set off.
Mam,
but in schedule CFL there is no option to fill loss of current year that is only automatic pick figure from the other related schedules, i think manually we can't fill that column and my loss is related to predecessor co.
We have to show it in carry forward only, i am not sure of the field, but still try and put the amount in carry forward of loss.
we can put figures in those columns
Thanks a lot for your valuable comments madam
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