Filing of return of a partnership firm

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B.V.Vijaya Lakshmi (Querist)
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04 November 2013 Sir,

Is it mandatory to file return even a partnership firm have no taxable income. Is this rule also applicable to Individuals and Companies.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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04 November 2013 Firms and companies have to file income tax return irrespective of the quantum of taxable income. This is a mandatory requirement as per section 139(1)(a) of the Income tax Act,1961.

B.V.Vijaya Lakshmi

B.V.Vijaya Lakshmi (Querist)
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04 November 2013 Thank you Sir,

But if in case of loss what will be the position.

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CA UMESH DULAL

CA UMESH DULAL (Expert)
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04 November 2013 income includes the loss also
so you have to file the return

if return of loss is not filled on or before due date you will not entitled to carried forward the loss(other than depreication) for next period

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B.V.Vijaya Lakshmi

B.V.Vijaya Lakshmi (Querist)
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04 November 2013 Thank you very much Sir