Income tax return of partnership firm
Rajendra Sewda (none) (89 Points)
06 March 2017Rajendra Sewda (none) (89 Points)
06 March 2017
Studentsca
(CA Practice )
(3577 Points)
Replied 06 March 2017
Answer to query 1.
As per section 139(1) it is compulsory for firms to file income tax return on or before due date. Due date as per section 139(1) is 30th September for partnership firms.
So yes return will have to be filed even if no business has been done.
Answer to query 2.
Any profit/loss shall be distributed between the partners in the ratio as may be specified in the partnership deed.
In absence of a partnership deed the profit and loss ratio between partners by default would be 50-50.
So loss on account charges would be appropriated to their capital accounts in equal proportion.
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