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Tax audit in commission income
Firm incurred losses while carrying commission income bussines (having turnover less than 1 cr) and dispirit the losses firm want to give interest on partner capital and 150000 remuneration. Is tax audit is applicable in given case???
Replies (6)
No, Tax audit will not be applicable, at the same time you will not be able to carry forward losses...
Tax audit will not be applicable.
but i think you can carry forward the losses as well
but i think you can carry forward the losses as well
Dhirajlal sir can you tell me why the same is not allowed carry forward. If possible give any case law, provision, rule reference so i can study in details
Section 139(3) read with section 80, does not prohibit the set off of losses of the current year while computing the Total Income even if the return is filed after the due date. But It prohibits the carry forward of such losses.
In above case the due date to file return u/s. 139(1) was 31.07.2022.
Thank you so much dhirajlal sir for your value time and information.
You are welcome ....
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