24 September 2016
sumit sir thank you for ur reply.
in continuation to that one more query, as per Act it is Mandatory To file returns in respect of partnership firm even though if there is no profit.
is the firm facing any problem in future from IT Department for non filing of return for AY 2014-15 if the firm wants to run the unit from this financial year.
24 September 2016
Legally speaking your firm was required to file the ITR but there will no be problem or i would say no major problem from department if the return has not been filed. If the firm intends to again start the functioning , don't surrender the PAN but continue filing NIL return for the years in which there is no working/income/loss etc.
CAclubindia
