Asha (Proprietor) 18 October 2012
hello everyone, a partnership firm was dissolved within 1 month of formation. firm has not done any business till the date of dissolution. there were two partners and entire capital was contributed by one partner and he has taken over the firm and as proprietorship. My question : How to surrender the PAN of the firm ?
Advocate Rohit (Advocate) 19 October 2012
there is no standard format for the same. one has to write a forwarding letter citing reason for cancellation of pan card and submit alongwith orginal pan card. keep an acknowledgement copy as a proof of postage to NSDL for record purpose. after about a month, one should check on the site status of such pan card.
Regards,
Advocate Rohit Dalmia
9324538481
Mumbai
Asha (Proprietor) 19 October 2012
What if a firm started on 2nd march , no business and dissolved on 25th april , is Income Tax filling necessary
?
R RAJAGOPALAN (ADVOCATE) 20 October 2012
Query: if a firm started on 2nd march , no business and dissolved on 25th april , is Income Tax filling necessary?
Reply: No tax return necessary, if it had no income.
CA. Sanket (CS) 23 October 2012
it is mandatory for firm to file return even if there is no income. Refer to Section 139 of Income Tax Act (relevant portion) below
(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,
It is clear from the above section that even if firm is not having any income it is mandatory to file ROI
Regards
CA. Sanket Bhasin
+91-9810728396
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