income tax
This query is : Resolved
Vijaykumar Malekar
(Querist)
23 September 2016
Sir a partnership firm is not running from the last 3 years. is it compulsory to file ITR.
if so, can they file all the three years return at one time.
CA Sumiit B Nagpal
(Expert)
23 September 2016
It is mandatory to file the income tax return for firms even if there is no profit. You can file the return of AY 15-16 and AY 16-17 and not of AY 14-15 now. However, penalty u/s 271F can be levied in case of filing of return of AY 15-16 for Rs. 5000. It is advisable to file the return of AY 16-17 now and submit a return for AY 17-18 till date to the AO saying that the business has been discontinued and surrender the PAN.
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CA Sumiit B Nagpal
(Expert)
23 September 2016
It is mandatory to file the income tax return for firms even if there is no profit. You can file the return of AY 15-16 and AY 16-17 and not of AY 14-15 now. However, penalty u/s 271F can be levied in case of filing of return of AY 15-16 for Rs. 5000. It is advisable to file the return of AY 16-17 now and submit a return for AY 17-18 till date to the AO saying that the business has been discontinued and surrender the PAN.
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