There are two cases:
(A) An partership firm has Only Dividend Income and no other income. Does it have to file return ? Is it exempted ?
(B) An partnership firm has Only Agriculture Income and no other income. Does it have to file return ? Is it exempted ?
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Partnership firm - exemption from income tax return filing ( ITR )
Replies (17)
Yes you have to file return in both the cases......
You need to file ROI in both cases.
No exemption.
Returns based on person status not on type of income
Returns based on person status not on type of income
Returns based on person status not on type of income
Returns based on person status not on type of income
Returns based on person status not on type of income
Returns based on person status not on type of income
Returns based on person status not on type of income
Returns based on person status not on type of income
Returns based on person status not on type of income
It is mandatory for a firm to file the return
As per S.139(1) Every person,—
(a) being a company or a firm; or
(b) ........
shall, on or before the due date, furnish a return of his income or the income of such other person during the previous year, in the prescribedform and verified in the prescribed manner and setting forth such other particulars as may be prescribed :
Thanks for reply
In the above same case [where (A) Income is only Dividend (B) Income is only Agriculture], if Partnership firm has not filed ITR, than what are the consequences / fine / penalty ?
There is no such exemption in income tax act.... partnership firm need to file income tax return... in all cases weather having exempt income, agri. Income or any other income or having loss....
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