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ITR IN CASE OF DISSOLUTION

Others 941 views 4 replies

HELLO FRIENDS, PLS. TELL ME A PARTNERSHIP FIRM IS DISSOLVED INTHIS AND THE PARTNERS MAKE A FINAL DISTRIBUTION.

IN THIS CASE WE HAVE TO FILL IN THE ITR ONLY P/L A/C FIGURES BECAUSE THE BALANCE SHEET IS FINISHED AFTER THE FINAL DISTRIBUTION

OR WE HAVE TO SHOW IN ITR-4 FULL BALANCE SHEET AND AFTERWARDS MAKES A DISTRIBUTION.

PLS. TELL ME.

Replies (4)

upto the date of dissolution u have to make a balance sheet, and file return 

AFTERWARDS I WILL FINISH THE BALANCE SHEET.

upto the date of dissolution the balance sheet would be only capital account of partners , debtors / credits / assets / liabilities all are nullified. but P/L account is there, and taxable profits also, 

so after the balance sheet only partners have to get their share in cash or bank mode. so the business is closed, you have to inform the ITO regarding the status and request to close the file, henceforth u have to ask NSDL/UTISL to surrender the pan. 

please also consider provisions of sec 189 of the income tax act & also file the required physical form for dissolution of the firm with the concerned ITO

 

ca m s tapuriah


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