If for a particular year relevant to an assessment year, the firm has incurred loss, such loss:
A. is shared by partners and set off with their respective other income
B. shall be carried forward by the firm only
C. shall be either carried forward by firm or its partners
D. None of the above
Answer:B
If for a particular year relevant to an assessment year, the firm has incurred loss, such loss:
A. is shared by partners and set off with their respective other income B. shall be carried forward by the firm only C. shall be either carried forward by firm or its partners D. None of the above