Filing of IT return

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A partnership firm started in FY 17-18 failed to file its IT return for that year. The user is asking if they can file for FY 18-19 now and whether it's advisable without the previous year's return. Advice suggests filing a condonation of delay request for the earlier year and then filing the return, or filing the 18-19 return and paying any outstanding tax for 17-18. The user seeks clarification on the best approach, especially since there was no profit in FY 2017-18.

Gopalakrishnan. S

Gopalakrishnan. S (Querist)
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01 March 2020 Sir,

One of my friend is a partner in a firm. The partnership firm was started in FY 17 - 18. But, they had not filed
IT returns for that year. Now, can they file the IT returns for the FY 18-19 before this month end ?
Will it be advisible to do so without filing the return for FY 17 18 ?
Or, what should be done to regularize the IT return filing ?

Pls. Advice.

Eswar Reddy S

Eswar Reddy S (Expert)
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01 March 2020 File condonation of delay through request letter.And file ITR for earlier. Pay late fee & file ITR for latest yesr

Shrikant Toshniwal

Shrikant Toshniwal (Expert)
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01 March 2020 Dear frd, U File the return for FY 18-19 and if there is tax liability in F.Y 17-18 pay it su moto

Message likes : 1 times

Gopalakrishnan. S

Gopalakrishnan. S (Querist)
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05 March 2020 Dear Experts, Thanks for your kind advice. But out of the two replies, which could be the better one , as the said firm has not earned Profit for the FY 2017 - 18.

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