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Partnership filing requirements

Stat Audit 870 views 4 replies

Ram

Self

30 Points Joined June 2014

Hi all,

I'm posting here first time. Please excuse me if I have posted in wrong section.

I'm a partner in a firm along with 2 others. We have registered the partnership deed on a stamp paper in Chennai in March 2013.

We have got PAN and TAN for the firm. However we haven't carried out any business so far. As such there was no transaction on our accounts other than a credit of share captial of 1 lac rupees.

My question is do we have to file any returns as mandatory? if so can anyone please guide me what we should be looking at.

Regards

Ram

Replies (4)

biswajitchandra

accountant

69 Points Joined September 2011

yes you must submit the returns

Tribhuvan Aditya Singh

Student as well as Self-employed

3710 Points Joined September 2007

yes, you need to submit income tax return both for your firm and yourself as well. apart from this, as you are also a holder of TAN, therefore you need to update your tds filing status as "non filing" for the FY 13-14 and 4th qtr of 12-13. otherwise you may get attracted to penalty for non filing of tds returns. for all of this you make take consultation from any CA and your problem will get solved.