A Partnership Firm has discountinued its business.
Only asset FIRM owns is its office in Mumbai which is LET OUT! TDS is deducted by the LESSEE.
Whether Balance Sheet is to be drawn and filed with ITR 5 ?
Is it mandatory to file Assets & Liabilities Statement ?
Is it mandatory to show Capital of each partner in the ITR?
Thank you so much for kind advice!
Valerian DSouza
if partnership firm is not dissolved than definitely u have to file full balance sheet
Section 44AA of the Income Tax Act 1961: Is for Maintenance of accounts by certain persons
carrying on profession or business.
The Firm is not carrying on business!
Then can it not take benefit of NO ACCOUNT CASE?
Thank you for your kind support!
BUT ONCE U CREATED BALANCE SHEET MAINTAINING BOOKS OF ACCOUNTS THAN U CANT DISCONTINUE BOOKS OF ACCOUNTS BY MERE CHOICE TILL DISSOLUTION OF FIRM
CAclubindia
