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Loss from firm
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.
No audit applicable for loss in firm, unless firm opted for sec. 44AD in any of preceding 5 AYs.
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.
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.
Not at all. The firm will carry forward the losses, it may not be distributed.
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