Firm with zero turnover-How to file ITR

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This discussion addresses the challenge of filing an Income Tax Return (ITR) for a partnership firm that had no business turnover in the financial year, only expenses. The user found that ITR-4 was not suitable for zero turnover. Advice was given to use ITR-5, with instructions on downloading the utility, filling it, and uploading it to the new IT portal.

Ramaswamy Thiyagarajan

Ramaswamy Thiyagarajan (Querist)

17 December 2021 Dear Experts, I am to file ITR for our partnership firm. In the year ended with 31.03.2021, there was no business turnover, only expenses which are to be carried forward to the subsequent year. When I tried to file ITR-4 the system is not accepting to file zero TO. Any other ITR Form or any other mode to fill a zero TO and business loss.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

17 December 2021 When loss need to be carry forward file ITR 5.

Ramaswamy Thiyagarajan

Ramaswamy Thiyagarajan (Querist)

18 December 2021 Thank you Sir for your kind reply. The system is not taking me/ providing the option to file ITR-5.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

18 December 2021 I hope you have partnership firm's PAN card.
If yes, you need to download UTILITY of 'ITR 5' from Download section of new IT portal.
Extract the same on your computer system. Fill the data, verify it & upload it to the portal after login.

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Ramaswamy Thiyagarajan

Ramaswamy Thiyagarajan (Querist)

18 December 2021 Thank you very much Sir for your time and efforts taken to guide me. I will fry your guidelines tomorrow and mostly succeed.

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