Loss from firm

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514 Points Posted on 30 July 2022
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..
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On 30 July 2022 at 09:06 Report
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A partner in a firm experiencing losses is seeking advice on auditing the firm before filing their personal Income Tax Return (ITR). They are unsure whether to file in July or September and how to declare their share of the business loss. The advice clarifies that the firm carries forward its losses and partners do not need to declare these individual losses on their personal returns. Audit requirements depend on turnover and previous 44AD filings, with specific conditions regarding cash transactions for firms not under audit.

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SEO Sai Gr. Hosp.
212503 Points Posted on 30 July 2022

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.

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On 30 July 2022 at 09:23
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514 Points Posted on 30 July 2022
Sir one more doubt turnover in 30L for my firm...if i am filing as loss...should i audit?
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On 30 July 2022 at 09:46
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SEO Sai Gr. Hosp.
212503 Points Posted on 30 July 2022

No audit applicable for loss in firm, unless firm opted for sec. 44AD in any of preceding 5 AYs.

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On 30 July 2022 at 10:00
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514 Points Posted on 30 July 2022
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
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On 30 July 2022 at 10:47
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SEO Sai Gr. Hosp.
212503 Points Posted on 30 July 2022

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.

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On 30 July 2022 at 11:11
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514 Points Posted on 30 July 2022
If cash receipts and expenditure not exceeding 5% i can file return as loss?
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On 30 July 2022 at 14:05
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SEO Sai Gr. Hosp.
212503 Points Posted on 30 July 2022

Yes, under normal assessment mode (with books of accounts maintained). No tax audit u/s. 44AB applicable.

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On 30 July 2022 at 15:23
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SEO Sai Gr. Hosp.
212503 Points Posted on 30 July 2022

In case the firm is not under audit and filing ITR 5 before 31st July. Check the partners also file it before that.

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On 30 July 2022 at 16:06
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514 Points Posted on 30 July 2022
Partners itr filed ..since firm is under loss..this loss not shown in partner return.is there any issue..?
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On 30 July 2022 at 19:11
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SEO Sai Gr. Hosp.
212503 Points Posted on 30 July 2022

Not at all. The firm will carry forward the losses, it may not be distributed.

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On 30 July 2022 at 19:40

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