21 September 2016
Dear Expert,
we have a partnership firm .. Not filled return from 2013-14. Firm profit is negative for last 3 years .
If I not not filled return then what will be consequences? Please give advise for above matter.
21 September 2016
Dear Atul,
Non filing of the return on time will lead to your greatest loss... You will not be able to carry forward business loss for set off in future!
Apart from the said loss, you may receive an intimation requesting you to explain various transactions done by you during the years. For a partnership firm, income is taxed from Rs 1/- @ 30%.
CAclubindia
