Filing of Income tax return

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Shankar Rao (Querist)
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17 February 2011 Dear all

a Firm has stoped its business activity during F Y 2007-08 ( No transaction during F Y 2007-08) Now the Income tax officer Issued notice under section 142 requiring us to file return of Income for the asst Year 2009-10.
1) what will be the Concequenses if we filed the return of income for the Asst Year2009-10 in responce to notice U/s 142 ( for Asst. year 2008-09 also we have not filed the return of Income)

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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17 February 2011 In case the activities are closed then furnish a Nil Return, without filing any Profit & Loss A/c with it.
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Debit all the small expenses, if any to partners' capital accounts in their sharing ratio.
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Prepare a return for AY 2009-10, and submit it in response to the notice served.
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Clarify the position as regards why the returns had not been filed, by writing a letter addressing to the AO concerned alongwith the Acknowledgement.

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