14 February 2013
For every year partnership firm has to file returns, my question is what is the consequences, if a firm is registered on 1.4.2011 and disolved on31.3.2012 and no transactions are there in it and PAN has not applied for it........
14 February 2013
Consequences: 1. penalty for non-application of PAN.
2. non - filing of return.
These two penalties shall apply in any case. Whether you have done any transaction or not or whether you have any taxable income or not, shall be decided upon scrutiny by the AO.
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