Originally posted by : Yogendra Dhakad |
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Hi there,
My brother opened a Firm and got a VAT/TIN ID to do online selling related work in January 2016.
Unfortunately due to some reasons he could not do any purchase or sale in the firm that he made.
He also could not open any current account of the firm. Now he wants to surrender the VAT ID and finish the firm.
My question is that do he still need to file any Income Tax? His CA said that he has to file an Income Tax even after he did not do any work. CA will charge quarterly IT filing fees for this until he don't surrender the VAT ID. |
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a FIRM
firm means partnership in general,
if its proprietory firm then return goes in name of proprietor himself,
if firm is partnership and TDS number is obtained, then compliance is needed, to file the respective returns of TDS,
to dissolve a partnership firm one need to get the balance sheet asset and liablities to ZERO, and repayment of capital from partners then procced to legal way by execution of dissolution deed, and surrender of PAN to respective AO, after filing the return upto the date of dissolution