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 ?
Yes, firm can declare loss and can carry forward loss, if return filed before due date.
SSGS and Associates
Chennai
CA Inter
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CAclubindia
