Save Rs 499 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

Loss net income allowed in f.y.20-21

290 views

Save Share

Kollipara Sundaraiah

B.com

3025 Points Posted on 22 February 2021

Sec 44ab audited professional income(hospital) I.t. return filed assess loss net income in f.y .20-21.if loss reason for Assess purchases of hospital equipment high value and depreciation claimed .
Question:
1.assess loss of net income I t.return filed allowed in itact f.y.20-21.
2.assess net income profit show compulsory .

Replies (2)

Quick Summary

This discussion concerns whether a net income loss can be claimed on an IT return for FY 20-21, specifically when the loss is due to significant purchases of hospital equipment and subsequent depreciation claims. The user is asking for clarification on whether filing a loss return is permissible and if it's mandatory to show a net profit, even when incurring such expenses.