Taxation of partnership firm

Partners:- X Y Z, shares profit or loss equally
Accumulated Losse of PY:- 2L of FY 18-19
CY profit:-12L For FY19-20
partner Mr. Z retired from firm on 31.12.19

Required:-
Taxable income of firm for FY 19-20.
Replies (2)
Quick Summary
This discussion focuses on calculating the taxable income of a partnership firm for the financial year 19-20. It involves accounting for a current profit of £12 lakh and accumulated losses of £2 lakh from a previous financial year. The query also addresses how previous year losses or unabsorbed depreciation are treated when a partner retires mid-year, specifically Mr. Z's retirement on 31.12.19, and how this impacts the final capital calculation for the retiring partner.

12l - (2l/3*2)
Whether previous year loss or unabsorbed depreciation loss will be distributed in calculation of final capital of retiring partner?

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