HI...
MY QUERY IS REGARDING TAXABILITY OF INCOME OF LLP.
ABC LLP EARNED PROFIT OF RS 1 LAKH IN FY 2017-18, IS IT MANDATORY TO TRANSFER IN PARTNER'S CURRENT A/C OR WE CAN TRANSFER IT TO RESERVES.
SECOND QUERY IN CASE OF LOSS, IF WE TRANSFER LOSSES TO PARTNER'S CURRENT A/C. WILL LLP ALLOW TO CARRY FORWARD LOSSES IN THE ITR
1. It's not mandatory for profit it loss to be transferred to current account. you carry forward in reserves it self.
2. yes.
CAclubindia
