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Anil Rego | Answer |Ask -Follow

Financial Planner - Answered on Nov 27, 2020

Anil Rego is the founder of Right Horizons, a financial and wealth management firm. He has 20 years of experience in the field of personal finance.
He’s an expert in income tax and wealth management.
He has completed his CFA/MBA from the ICFAI Business School.... more

Question by Niraj on Nov 27, 2020Hindi

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Will your answer above in point number 1 and 2 will change in case partnership form has no profit that is loss during the financial year 2012-13?

Ans: Irrespective of having gain or loss, it is mandatory to file tax returns for a partnership firm.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Anil Rego | Answer |Ask -Follow

Financial Planner - Answered on Nov 27, 2020

Question by Niraj - Nov 27, 2020Hindi

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My query is w.r.t a Partnership Firm which got dissolved in March 2013 and has loss and tax audit is not applicable for the year. 1. Is it mandatory to file income tax return for partnership firm in the financial year 2012- 13?

Ans: It is mandatory for every partnership firm to file the return of income irrespective of amount of income or loss

Anil Rego | Answer |Ask -Follow

Financial Planner - Answered on Nov 27, 2020

Question by Niraj - Nov 27, 2020Hindi

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4. A Firm with loss can file manual return for the financial year 2012-13 or may choose not to file?

Ans: Irrespective of having gain or loss, it is mandatory to file tax returns for a partnership firm.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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