partnership firm

Querist : Anonymous (Querist) 01 July 2010 This query is : Resolved
Dear,sir,

i have one doubt regarding that partnership firm tax rules.one of my relative made registered one partnership firm but still now they didn't do any business on that just they made only registration on year back(like June 2009).there is no bank a/c also.is they need to pay any tax on that for that year .

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A V Vishal (Expert) 02 July 2010
Income Tax is only on the net income of the entity/assessee, since there is no commercial activity there is no liability of tax, however, it is advisable to file a nil return of income along with the balance sheet as on date(viz. 31st March of the relevant year from which the business was started) to avoid taxmen issues.

Vineet (Expert) 02 July 2010
It is mandatory for the Firm to file its return of income u/s 139 of the Income Tax Act. There may not be any tax liability but the firm should obtain its PAN and file retrun for AY 2010-11.

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