05 July 2012
partnership firm was incurring a losses and the previous years losses was adjusted with partner capital account and in income tax return loass was carried forward
now in cureent there is profit and how to adjust carried forward losses
05 July 2012
For Accounting - Profit will be distributed among the partners. For Taxation - Profit will be set-off with last year's Carried forward loss in the Income tax return of the Firm.
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