banner_ad

Partnership firm

This query is : Resolved 
Profile Image

Profile Image

(Querist)
30 April 2013 A partnership firm has discontinued its business but has not been dissolved. Is it necessary for the assessee to inform the income tax department of such discontinuance?

if yes, what is the time limit?

is there any penal provision in case the said time limit is surpassed?
Profile Image

Rahul Vora

Profile Image

Rahul Vora (Expert)
04 May 2013 If the partnership firm has been discontinued, then it is better to inform the same. A dissolution deed is to be prepared and PAN also is to be surrendered. There is no time limit as such. But, you will have to file the returns till the date the PAN card is surrendered to the income tax department. The department can charge penalty for non filing of IT returns.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
23 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
04 June 2026
Semi Qualified CA

Goyal Puneet & Associates

New Delhi

CA Final

View Details
Company
14 May 2026
Financial Analyst - Remote Finance Expert

HiringBridge

Ahmedabad

CA

View Details
Company
16 May 2026
Audit clerk

mgirt & co

Bengaluru

CA Inter

View Details
Company
22 May 2026
Sr. Financial Analyst - Consolidation

Search Synergy

Mumbai

CA

View Details
Company
ARTICLESHIP 04 June 2026
Article

Rakhecha & Co.

New Delhi

CA Inter

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details