Query relating to income tax return

ITR 158 views 2 replies

CA.AZAD JAIN

201 Points Joined November 2008

WHERE IS IT WRITTEN IN THE INCOME TAX ACT THAT FILING NIL RETURN IS COMPULSORY FOR PARTNERSHIP FIRM ?

SECTION 139(1)(a) OF IT ACT 1961 READS THAT "A COMPANY/FIRM IS REQUIRED TO SUBMIT ITS RETURN OF INCOME TAX (REGARDLESS OF THE QUANTUM OF INCOME OR LOSS)"

WHAT I UNDERSTOOD FROM ABOVE IS THAT THE ACT SUGGESTS ONLY ABOUT FILING OF RETURN OF INCOME REGARDLESS OF THE QUANTUM OF INCOME OR LOSS.

SO WHAT ABOUT THE RETURN HAVING NO INCOME OR LOSS???

Read more at: https://www.caclubindia.com/forum/is-it-compulsory-to-file-it-return-of-a-partnership-firm-377825.asp?offset=1

Replies (2)

CA Mayur Todmal

Practicing CA

7756 Points Joined November 2011

starting of section 139 is as follow

139. (1) Every person,—

(a) being a company or a firm; or

(b) being a person other than a company or a firm, if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax 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 prescribed 54 form and verified in the prescribed manner and setting forth such other particulars as may be prescribed :

which says filling of return is must for company and firm irrespective of income