08 June 2009
Dear all, I would like to ask a question on filing of an Income Tax Retrun for A.Y 2008-09 of the firm which has obtained its PAN in the month of March 2009.... The firm was originally established on 10th March 2007 with 2 partners signed a Partnership Deed. However, It has not applied for PAN and on 03.03.09 admission of 2 partners was made vide a New partnership Deed. The Firm has applied for PAN submitting new Deed...Now the Firm wants to get registerd. Is it possible for a firm to File Income Tax Return for A.Y 2008-09 or is there any option to extend Accounting year from 10.03.07 to 31.03.09 so that an ITR can be filed for the said period? Kindly guide me for the aforesaid query... Thanks Padmanabh
08 June 2009
First of all, as per my knowledge concern, it can not be a new deed on admission. It shall be an amended deed or supplementary deed. If the PAN was applied on the basis of new deed, then it seems that old deed is nowhere in the records. The practical answerof this question is tough to give without having a look on the partnership deed. Can you tell me whether the bank account was opened on the basis of new deed or on old deed. Try to find out first whether it was the all new deed or an extension of old deed. This information can only help me to find the practical solution of your query. If its an supplementary deed in addition to old one, then you can file a belated return for AY 2008-09. Rather you must file it immediately.
09 June 2009
On front page of deed it is mentioned Partnership Deed (recconstituted on 03.03.2009). Further it is specifically mentioned that two incoming partners have shown their desire to admit into the running business of partnership. New Deed also has reference of original date of establishment of firm.
Bank account has been opened thru old deed.
if we file ITR for A.Y. 2008-09 is it necessary to make correction in PAN since it shows new date of establishement i.e. after the financial year to which the ITR pertains to ?
09 June 2009
Dont get confuse between filing return & availing PAN. These are 2 different issues. You have to file the return for A.Y. 2008-09 belatedly. There is no necessity to change the PAN card.
09 June 2009
Your firm is registered from the date which is mentioned in the old deed. New deed is just extension of that deed. As I already mentioned in my previous reply, you have to file the ITR as confirmed by Mr Ratan Sharma also.
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