Filing of IT return for FY - 2018 - 19
This query is : Resolved
29 September 2020
Sir,
One of my friend is a partner in a firm. The Partnership firm was
begun in the FY 2018 - 19 and the turnover for that financial year
is only 2 to 3 lakhs and ended up with loss.
Due to various reasons, his firm could not continue its business and became inactive in the subsequent financial year, i.e 2019 -20. The partners have no idea of continuing the business in future.
As such, can they file ITR for FY 18-19 with a Loss and if so, is it necessary to go for Tax Audit?
Or, can they remain without filing ITR for FY 18-19.
Further, can they file a NIL return for FY 19-20 ?
How to formally close their business for Income tax purpose?
Pls. advice.
One of my friend is a partner in a firm. The Partnership firm was
begun in the FY 2018 - 19 and the turnover for that financial year
is only 2 to 3 lakhs and ended up with loss.
Due to various reasons, his firm could not continue its business and became inactive in the subsequent financial year, i.e 2019 -20. The partners have no idea of continuing the business in future.
As such, can they file ITR for FY 18-19 with a Loss and if so, is it necessary to go for Tax Audit?
Or, can they remain without filing ITR for FY 18-19.
Further, can they file a NIL return for FY 19-20 ?
How to formally close their business for Income tax purpose?
Pls. advice.
29 September 2020
They can file ITR for FY 18-19 with a Loss and it is not necessary to go for Tax Audit.
Yes, file Nil return for next year and surender PAN to close business.
Yes, file Nil return for next year and surender PAN to close business.
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