New Partnership Formed

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Mahabir Prasad Agarwal (Querist)
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24 March 2021 A new partnership firm was created during Nov.2019. Till 31.03.20, no any sales were made. Only purchases and various preliminary expenses were incurred. May I file ITR 4 of the firm ? If not, preliminary expenses to be shown in which head ?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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24 March 2021 Income tax return filing is mandatory for partnership ship firm irrespective of business done or not.

Mahabir Prasad Agarwal

Mahabir Prasad Agarwal (Querist)
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24 March 2021 May I File ITR 4 ?

CA Puja Sharma

CA Puja Sharma (Expert)
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24 March 2021 Income tax Return filing is mandatory for Partnership firms.
ITR 5 should be filed.
ITR 4 is for individuals, HUF and Firms if they are reporting their income u/s 44AD/AADA/44AE

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