Filing of ITR by Partnership Firm with nil income
This query is : Resolved
Mahabir Prasad Agarwal
(Querist)
06 November 2019
Sir, I ad formed a partnership firm and started to construct residential flats for business purposes. Construction has already started and advances has also been received from clients. Now I have to filr ITR for AY 2019-20. Please let me know the following:
a) Which ITR should I use ?
b) Where to show amount invested in construction and advances received from the clients ?
c) As there is no income during the year, where to show the same ?
a) Which ITR should I use ?
b) Where to show amount invested in construction and advances received from the clients ?
c) As there is no income during the year, where to show the same ?
CA R SEETHARAMAN
(Expert)
06 November 2019
1 File ITR 5
2 Show it in balance sheet.
3 Show it as zero income
2 Show it in balance sheet.
3 Show it as zero income
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