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Loss from firm
i am a partner in a firm.firm is having loss.i want to audit the firm before filing.i am not receiving any interest or salary from the firm.should i file my personal itr in july or sep? should i show the loss share from the business in my itr...?pls reply thanks in advance..
Replies (10)
Though your last date of filing is 31st Oct., but you can file it now.
No, the firm will carry forward the losses, and partner need not share the loss in individual acc.
Sir one more doubt turnover in 30L for my firm...if i am filing as loss...should i audit?
No audit applicable for loss in firm, unless firm opted for sec. 44AD in any of preceding 5 AYs.
If turnover more than 1 cr and filing as loss...audit is required?i have not filed return under 44ad in last 5 years...pls reply
Audit in that case will be applicable only if the cash receipts as well as cash expenditures of the firm exceed 5% of total receipts & total expenditures respectively.
If cash receipts and expenditure not exceeding 5% i can file return as loss?
Yes, under normal assessment mode (with books of accounts maintained). No tax audit u/s. 44AB applicable.
In case the firm is not under audit and filing ITR 5 before 31st July. Check the partners also file it before that.
Partners itr filed ..since firm is under loss..this loss not shown in partner return.is there any issue..?
Not at all. The firm will carry forward the losses, it may not be distributed.
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