Suresh S. Tejwani (proprietor) (789 Points)
22 January 2022Mr. A and Mr. B are partners in AB partnership Firm . AB ( firm ) incurred loss of 70 lacs in current financial year and firm capital is of 65 lacs . Whether we can show loss without transferring loss to capital accounts ? If Yes , then is there any effect in partners individual return ?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(179906 Points)
Replied 22 January 2022
Yes, firm can declare loss and can carry forward loss, if return filed before due date.
CA Raj Doshi
(Practising CA)
(8924 Points)
Replied 23 January 2022
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