25 November 2023
Sir, It assessess remenuration from partnership firm rs:8 lacs and interest payments rs:9 lacs loss rs:1 lacs Professional income for individual status rs:12 lacs profit declared rs:6 lacs . Question: Assessess loss rs:1 lacs adjustment professional income allowed in it act
26 November 2023
Partnership firm profit is exempt from tax in the hands of the parner. Hence loss from the firm can't be claimed by the partner, the firm has to carry over the loss and claim it against future profit.
CAclubindia
