Return filing

Save Share

This query is : Resolved

VIVEK SINGH (Querist)

01 February 2012 Dear sir,
My query is that, if a partnership firm engaged in trading business, conducted no sale and purchase during the f.y. 2010-11. Whether the said firm is required to furnish Income tax return in A.y. 2011-12 or not. If yes, then what information should mention in ITR form.

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

01 February 2012 As per the income tax act if the gross total income doesn't exceeds the maximum exemption limit then no need to file income tax return. In the case of partnership firm there is no exemption limit so it should be file income tax return based on above provision. But in your case there is no sales and no purchases thus there is NIL income so need not to file income tax return.
If the firm has not any other sources of income then need not to file income tax return but my suggestion is for the continuity of the income tax it is better to file return for the A.Y.2011-12. If you want to file income tax return file nil return at the P&L schedule fill all columns nil and at the balance sheet schedule fill the balance of assets and liabilities as on 31-3-2011 as per the books.
OM SAI SRI SAI JAI JAI SAI

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now