income tax
This query is : Resolved
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.
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.
Message likes :
1 times
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Difference between Date of Payment and Date of Deduction?
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Unregistered suppliers utility
- ITDS U/S.194T of Firm
- EXPORT COMMERCIAL INVOICE HSN CODE
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- Cash balance limit and property purchases limit
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- Non-Compliance documents have not been submitted by the contractors debited
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
