Partnership firm's itr

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51 Points Posted on 30 June 2020
Hello, if partnership deed was ready in fy 19-20 and pan card also alloted in fy 19-20. But did not started business.
Is it mandatory to file income tax return for Fy 2019-20?
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On 30 June 2020 at 13:07 Report
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This discussion clarifies the Income Tax Return (ITR) filing requirements for partnership firms. It addresses whether a firm must file an ITR for FY 2019-20 if the partnership deed and PAN were obtained in that financial year, but no business activities commenced. The advice suggests filing a nil return in such cases. It also touches upon scenarios where the PAN card is issued in a subsequent financial year.

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Chartered Accountant
821 Points Posted on 30 June 2020
File a nil return
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On 30 June 2020 at 18:15
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51 Points Posted on 30 June 2020
Thanku sir. What if pan card is issued in fy 20-21
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On 30 June 2020 at 18:17
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Chartered Accountant
821 Points Posted on 30 June 2020
The PAN would have the date of incorporation, and ideally when u make a partnership deed... U would menrion the capital brought in by the partners, open a bank account, for which PAN is a must
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On 30 June 2020 at 18:26

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