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 ?
Yes you have to file return in both the cases......
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 ?
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
View Details
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
View Details
CAclubindia
