Question ID :
42181
FORM 29B IN CASE OF LOSS
Whether filing of Form 29B is required where there is loss as per Income Tax Act, loss as per books of accounts and book profits are also in negative? The company is not liable for audit u/s 44AB. If filing of Form 29B is required, then how to report
Loss in Point no. 6 Total Income of Company as Form 29B on Income Tax Portal is not allowing negative figures?
Posted by
vikas kalra
on
Nov 26, 2021
Filed Under
DIRECT TAXES
No need to file form 29B.
Posted by
B.CHACKRAPANI WARRIER on
Nov 27, 2021
Answer ID :
81396
In the absence of any Book Profit for the Current Year, 15 %, earlier 18.5 %, of Book Profit cannot be computed. Hence, applicability of Form 29B is a non-starter.
Posted by
Chandravijay Shah on
Dec 29, 2021