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Dissolution of partnership firm

mounika (semi qualified chartered accountant) (981 Points)

12 September 2016

partnership firm dissolved in last yr and converted in to pvt ltd company this yr. bt still v r receiving amount from debtors in in bnk a.c registered under firms name. how to deal with it? r v required to file it return for firm this yr??

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2 Replies

Abhimanyu (CA) (316 Points)
Replied 12 September 2016

Thanks for the query Mounika,
There are two issues out of your query,
1. Requirements regarding filing of ITR for a dissolved firm in previous years other then the relevant P.Y.
2. Treatment of receipts on account of such dissolved firm in there bank account.
For first, If that sum was presented to tax on accrual basis no need to file tax return

Abhimanyu (CA) (316 Points)
Replied 12 September 2016

*on receipt of amount from debtor.
2. Sometimes closures of accounts take time in case of a dissolving enterprise even after its legal closure, such as above cash receipt from a debtor too, which will be distributed among the contributors.

Hope above explanation helps, in case of any issues please revert back, though I understand your concern regarding Financial statements of the firm, it should not affect the case of yours in anyways.

Thanks,
Abhimanyu