Income tax return of partnership firm

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Rajendra Sewda

none

89 Points Joined May 2012

Respected Members, I have a query regarding ITR of firm 1. ITR is mandatory for F.Y. 2014-15 where firm incorporated in jan 2015, bank account had opened after that say in june 2015 & no transaction for F.Y. 2014-15. 2.If there are only bank charges say Rs. 100. so it is to require to distribute such loss of Rs. 100 between Partners say 50-50% & deduct from partners capital account or It may be disclose in balance sheet in asset side as P&L debit balance.

Replies (2)

Studentsca

CA Practice

3577 Points Joined September 2012

Answer to query 1.

As per section 139(1) it is compulsory for firms to file income tax return on or before due date. Due date as per section 139(1) is 30th September for partnership firms.

So yes return will have to be filed even if no business has been done.

Answer to query 2.

Any profit/loss shall be distributed between the partners in the ratio as may be specified in the partnership deed.

In absence of a partnership deed the profit and loss ratio between partners by default would be 50-50.

So loss on account charges would be appropriated to their capital accounts in equal proportion.