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.
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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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