I need some advice. As I know that Partnership firm return has to be filed irrespective of Income.
But suppose the Partnership business is closed. All the bank accounts were closed and TIN numbers cancelled related to the Firm. But no information is provided to the IT department. Even the return is not filed for the past two years.After the closure of the Partnership business the Partners were filing there personal return on timely manner.
The Question is that no information is provided to the IT dept regarding the closure of the Partnership business and no return is being filed for the past two years for the Firm as business was closed.
1) Does there is a chance of IT notice or any Panalty?
2) Do the Firm PAN has to be surrender to the IT Dept?
CAclubindia
