Hi,
We have registered a partnership firm in June'20 post-registration we never opened a bank account or had any income from the business. Though we have a PAN card issued with a firm name.
We want to dissolve the partnership this month.
How can we file an ITR when we don't have a bank account or an income.
Kindly provide expert advice.
Thanks
Summary: Filing an Income Tax Return is mandatory for a partnership firm even with zero income or no business activity. As you are planning to dissolve the firm, it is essential to file these returns to avoid future legal and tax complications. You should consult a tax professional to help file the necessary ITR-5 forms and properly close the firm's tax status.
Malhotra Rajesh & Associates
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