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Loss from firm

30 July 2022

i am a partner in a firm.firm is having loss.i want to audit the firm before filing.i am not receiving any interest or salary from the firm.should i file my personal itr in july or sep? should i show the loss share from the business in my itr...?pls reply thanks in advance..

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177840 Points)
Replied 30 July 2022

Though your last date of filing is 31st Oct., but you can file it now.

No, the firm will carry forward the losses, and partner need not share the loss in individual acc.

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NICSON JOHN (514 Points)
Replied 30 July 2022

Sir one more doubt turnover in 30L for my firm...if i am filing as loss...should i audit?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177840 Points)
Replied 30 July 2022

No audit applicable for loss in firm, unless firm opted for sec. 44AD in any of preceding 5 AYs.

NICSON JOHN (514 Points)
Replied 30 July 2022

If turnover more than 1 cr and filing as loss...audit is required?i have not filed return under 44ad in last 5 years...pls reply

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177840 Points)
Replied 30 July 2022

Audit in that case will be applicable only if the cash receipts as well as cash expenditures of the firm exceed 5% of total receipts & total expenditures respectively.

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NICSON JOHN (514 Points)
Replied 30 July 2022

If cash receipts and expenditure not exceeding 5% i can file return as loss?