Salu Manghat (CA STUDENT) (75 Points)
26 July 2018Hi All,
Can anyone please let me know which ITR should I file for a Firm which has no income but only a few expenses like rent and salary. Am I required to audit the same under 44AB( as its a loss return) or should I file a nill under 4AD or a normal return (ITR5)? If I go ahead with ITR 5, will I be able to carry forward the actual expenses as loss including the Partners Remuneration of 1,50,000Rs.?
Thank You in Advance.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(170677 Points)
Replied 26 July 2018
File ITR 5 under normal provision.
No need of audit when there is loss
Salu Manghat
(CA STUDENT)
(75 Points)
Replied 10 August 2018
Thank you Sir,
Can you please let me know about the Carry Forward losses and Partner's Remuneration.?
Vaishnavi Ganesh
(Chartered Accountant)
(861 Points)
Replied 10 August 2018
as the book profit is less than 300,000 or loss, the firm can pay upto 150,000 as remuneration to partners.
You have to draft the profit and loss account to arrive at the loss and file the same in ITR5
The loss can be carried forward for the next 8 AYs.
Since it is a loss return Audit u/s 44AB not required,
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
CAclubindia
