urgent : Carryforward of Presumptive Loss
This query is : Resolved
08 December 2009
Dear Experts
a)for one of our client in AY 2008-09 u/s 44AF Profit was calculated on Presumtive basis and claimed interest, remuneration. we got loss for that year after claiming such expn. In AY 2009-10 Tax Audit is applicable for that Firm. can we carryforward AY 08-09 loss to the current year and set off. please clarify the doubt.
and
b) If he filed the return without considerng the setoff of Presumptive loss. What will the impact on 3CD while giving details relating to the past losses
Thanks in advance
a)for one of our client in AY 2008-09 u/s 44AF Profit was calculated on Presumtive basis and claimed interest, remuneration. we got loss for that year after claiming such expn. In AY 2009-10 Tax Audit is applicable for that Firm. can we carryforward AY 08-09 loss to the current year and set off. please clarify the doubt.
and
b) If he filed the return without considerng the setoff of Presumptive loss. What will the impact on 3CD while giving details relating to the past losses
Thanks in advance
08 December 2009
For a firm; partner's interest and remuneration is allowable from profits determined u/s 44AF. Hence such loss is eligible for carry foward.
Please Refer :
Proviso to sub-section (1) of Section 44AF
If you have filed the return in time (assuming as such since it was covered by tax audit); you can revise the return and claim set off.
See Section 72(1)
CA Rakhecha
Surat
For a firm; partner's interest and remuneration is allowable from profits determined u/s 44AF. Hence such loss is eligible for carry foward.
Please Refer :
Proviso to sub-section (1) of Section 44AF
If you have filed the return in time (assuming as such since it was covered by tax audit); you can revise the return and claim set off.
See Section 72(1)
CA Rakhecha
Surat
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