Loss from the partnership firm

This discussion explores whether losses from a partnership firm are exempt for partners under Section 10(2A), similar to profits, or if they are merely for accounting purposes. While some argue losses should be exempt and not offset against other income, others suggest they are only for accounting and should be carried forward by the firm. The consensus leans towards showing the loss in the partner's ITR for compliance, but not setting it off against other income to avoid potential mismatches.