08 September 2010
ABC Firm (Registered) was formed in August 2009.
Firm earned approximately a sum of Rs.80000/-.
After all expenses, Firm shall be having only loss.
Whether the Firm is required to file Income Tax Return ?
Ans : ......................
Partners (Two) are under the impression that as there is no profit, the Firm is not required to file Income Tax Return and therefore not even filed a NIL Return.