ONLINE CLOSURE OF PARTNERSHIP WITH INCOME TAX DEPARTMENT

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This query is : Resolved

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If your partnership firm no longer conducts business but still needs to be formally closed with the Income Tax Department, you'll need to follow a specific process. This involves creating a dissolution deed, settling any outstanding liabilities, filing your final Income Tax Return up to the date of dissolution, and surrendering the firm's PAN card to the Income Tax Officer.

TARIQUE RIZVI

TARIQUE RIZVI (Querist)

01 December 2021 Dear Sir,
Since last so many years we dont have any business but every year we have to file ITR-5 with NIL balances. What to do for closure of the said partnership firm with subject to income tax rules and regulations.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

01 December 2021 1. First make dissolution deed by mutual consent of all the partners.
2. Settle the account, with third party liabilities, if any.
3. File the return till the date of dissolution.
4. Surrender PAN to ITO along with a copy of Dissolution Deed.

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TARIQUE RIZVI

TARIQUE RIZVI (Querist)

01 December 2021 tks with kindest regards

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

01 December 2021 Most Welcome.

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