Mr. A and Mr. B are partners in AB partnership Firm . AB ( firm ) incurred loss of 70 lacs in current financial year and firm capital is of 65 lacs . Whether we can show loss without transferring loss to capital accounts ? If Yes , then is there any effect in partners individual return ?
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REGARDING AUDIT WHERE LOSS IS NOT TRANSFER TO CAPITAL ACCOUNT
Replies (2)
Yes, firm can declare loss and can carry forward loss, if return filed before due date.
It's a presentation thing and that's fine.
loss would accumulate under asset side.
In personal ITR, you need to report the loss from Partnership firm which is exempt from tax
loss would accumulate under asset side.
In personal ITR, you need to report the loss from Partnership firm which is exempt from tax
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