Firm with NIL income - necessary to file ITR?
This query is : Resolved
19 January 2022
A partnership Firm has been filing ITR 4 under presumption income scheme till FY 2020-21. Now in FY 2021-22 it has not done any business and is not likely to do so in the financial year 2021-22, So its income will be NIL. Will it still be required to file its tax Return for AY 2022-23?
As it may get some business in future, it does not want to surrender its PAN card.
As it may get some business in future, it does not want to surrender its PAN card.
19 January 2022
ITR filing of partnership firm is mandatory, even if no transactions.
20 January 2022
ok, but can we file ITR 3 instead of ITR 4 showing loss in A.Y 2022-23 with out audit, since there is no income but fixed expenses to the extent of 50000/- are still incurred.
20 January 2022
Yes, allowed.
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