IT FILING OF PARTNERSHIP FIRM
This query is : Open
23 March 2021
DEAR SIR,
ONE OF MY CLIENT IS PARTNERSHIP FIRM YEAR OF FORM 2017. THEY HAVE AVAILED SUBSIDY LOAN FOR CONSTRUCTION OF FACTORY IN THE YEAR OF 2017-18. PARTNERS INVESTED 6,75000/- EACH . NOW MY QUESTION IS FROM THAT YEAR DID NOT FILED INCOME TAX RETURN. IS THERE ANY PROBLEM BECAUSE THEY HAVE INVESTED THE AMOUNT. CAN WE CLAIM LOSS OF INTEREST PAID TO PARTNERS FROM THE LAST FINANCIAL YEAR IN THIS FINANCIAL YEAR 2020-21 FILE INCOME TAX RETURNS. THERE IS NO SALES AND PURCHASES ONLY CONSTRUCTION OF BUILDING AND PURCHASE OF MACHINERIES. PLEASE SOLVE MY PROBLEM HOW TO FILE INCOME TAX RETURN CAN WE CLAIM THE INTEREST PAID TO PARTNERS.
REGARDS
ONE OF MY CLIENT IS PARTNERSHIP FIRM YEAR OF FORM 2017. THEY HAVE AVAILED SUBSIDY LOAN FOR CONSTRUCTION OF FACTORY IN THE YEAR OF 2017-18. PARTNERS INVESTED 6,75000/- EACH . NOW MY QUESTION IS FROM THAT YEAR DID NOT FILED INCOME TAX RETURN. IS THERE ANY PROBLEM BECAUSE THEY HAVE INVESTED THE AMOUNT. CAN WE CLAIM LOSS OF INTEREST PAID TO PARTNERS FROM THE LAST FINANCIAL YEAR IN THIS FINANCIAL YEAR 2020-21 FILE INCOME TAX RETURNS. THERE IS NO SALES AND PURCHASES ONLY CONSTRUCTION OF BUILDING AND PURCHASE OF MACHINERIES. PLEASE SOLVE MY PROBLEM HOW TO FILE INCOME TAX RETURN CAN WE CLAIM THE INTEREST PAID TO PARTNERS.
REGARDS
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