Income tax return in case of dissolution of a partnership firm

N.Venkatakrishna (none) (25 Points)

24 November 2016  

Dear sir, A Partnership firm is dissolved in November 2015 and the accounts were settled. Now while filing the income tax return of the firm for A.Y.2016-17, I do not have any balances at the end of the year. How do I prepare balance sheet and P&L in ITR, or there is no need of preparing any balance sheet?

Also the assets of the firm are distributed among partners. Will there be any Capital Gain taxable in the hands of the firm?

Please resolve.

Thank you.