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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

Answer ID : 81367

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