[aaykarbhavan] query

Kindly provide solution : 

A Partnership Firm has 2 partners. Last sale/purchase was done in Fin. Yr. 2012-2013. The nature of business was trading, wholesale and retail, of textile chemicals. The I.Tax return is filed after audit of accounts in August 2013.

Now, the business has been discontinued, no transaction of sale/purchase done in the current year. There are still some fixed & movable assets, a few debtors and creditors. The payments from some debtors is expected may be in another 1 or 2 years time. So the current bank account of the firm is also operational and not closed. As such dissolution deed is not written and PAN is not surrendered.

My query is:

-----As there would be no sale/purchase, no expenses, no salary or interest to partners, no profit/loss, is it mandatory to file I.Tax return, a NIL return,  for the current year 2013-14  in 2014.

-----Is it necessary to inform the Income Tax office that the business has been discontinued.

-----Which I.T. Return form would be used by the partners next year, Form ITR-3 or as per requirement.

 

Kindly reply

---

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