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Shivani (Querist)
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17 April 2014 A proprietor wants to end his business.

What is the procedure for it?
What formalities he need to fulfil?

What will be the situation if a partnership firm wants to end its business?

Regards
Shivani

Sandeep Dharar

Sandeep Dharar (Expert)
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17 April 2014 There are not such rules & regulations in proprietorship and also in partnership if the firm is not registered.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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17 April 2014 if a partnership wishes to end any business, in income tax you need to inform the AO under section 176 within 15 days of the closure.

Rupesh Jain

Rupesh Jain (Expert)
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17 April 2014 if you close business then you have to inform 15 days from the close of business u/s 176(3)

Shivani

Shivani (Querist)
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18 April 2014 thank you gentlemen

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