It return
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 January 2018
Hi friends, one of my friend started partnership firm on 01/03/2017 but it starts operations in may 2018
My doubt was firm will file return for FY 16-17 please help me
Location; Guwahati
Thank you
My doubt was firm will file return for FY 16-17 please help me
Location; Guwahati
Thank you
30 January 2018
You can prepare financial from March 2017 to MARCH 2018, first financial can be prepared more than 12 months. you can file Return next year I.e 2017-18
31 January 2018
Yes FY 2017-18 and Ay 2018-19
31 January 2018
@KAVIRAJA SIr,
Why is it not mandatory in this case to file the return for A.Y. 17-18?
Why is it not mandatory in this case to file the return for A.Y. 17-18?
31 January 2018
Income tax return has to be filed for Financial year 2016-17. Inference - section 3
and 139(1)(a).
and 139(1)(a).
31 January 2018
there is no operations in March 2017 only partnership deed commenced, operations started in may 2017 my doubt was FY 16-17 return should be filled or not
if return will be filled, which return was used
01 February 2018
sir I can't saw sec 139(1)(a) in ITR form 4, how can I file this sec through form ITR 4
02 August 2024
For a partnership firm that commenced operations on May 1, 2017, and had its partnership deed executed on March 1, 2017, here's how to handle the income tax return filing:
### Filing for FY 2016-17 (AY 2017-18)
1. **No Operations in FY 2016-17:**
- **Filing Requirement:** For the Financial Year (FY) 2016-17 (Assessment Year 2017-18), if the partnership firm did not have any operations or income during this period (from March 1, 2017, to March 31, 2017), and only the partnership deed was executed, then technically there is no income to report for that period.
- **Return Filing:** In this case, you may not be required to file a return for FY 2016-17 as there were no operations or income. The firm is only required to file a return if there is income or loss to report.
2. **Starting Operations in FY 2017-18:**
- **ITR Form:** For the Financial Year 2017-18 (Assessment Year 2018-19), where the firm started operations from May 2017, you should file the return using **ITR-5**. ITR-5 is used for partnership firms and other entities such as LLPs, associations of persons (AOPs), and body of individuals (BOIs).
### Regarding Section 139(1)(a) and ITR Forms:
1. **Section 139(1):**
- **General Information:** Section 139(1) pertains to the filing of returns within the due date. The specific references you mentioned (like 139(1)(a)) might be related to specific types of returns or amendments, but generally, ITR-4 and ITR-5 are used based on the entity type and nature of the income.
- **ITR Forms and Sections:** The ITR-4 is typically used for individuals, HUFs, and firms opting for presumptive taxation under sections like 44AD, 44AE. For a partnership firm, ITR-5 is more appropriate.
2. **Form ITR-4:**
- **Eligibility:** ITR-4 is used for individuals and HUFs, and firms with presumptive income. Since your friend’s firm falls under the partnership category, ITR-4 is not the appropriate form for this situation.
### Filing Process:
1. **No Return Required for FY 2016-17:** Since there were no operations or income during FY 2016-17, you may not need to file a return for that year.
2. **File ITR-5 for FY 2017-18:** For FY 2017-18, file the return using ITR-5, including all income, expenses, and other details from the time operations began.
### Location Specific Notes (Guwahati):
- **Local Tax Office:** If there are any specific local requirements or concerns, you can contact the Income Tax Office in Guwahati for clarification.
### Summary:
- **FY 2016-17:** If there were no operations or income, you are not required to file a return for this period.
- **FY 2017-18:** File the return using **ITR-5** since the firm started operations in May 2017.
- **Section 139(1)(a):** This section deals with the due date for filing returns and may not directly apply to your case if there was no income or operations in FY 2016-17.
Consult with a tax professional for personalized advice to ensure compliance with the tax laws and proper filing procedures.
### Filing for FY 2016-17 (AY 2017-18)
1. **No Operations in FY 2016-17:**
- **Filing Requirement:** For the Financial Year (FY) 2016-17 (Assessment Year 2017-18), if the partnership firm did not have any operations or income during this period (from March 1, 2017, to March 31, 2017), and only the partnership deed was executed, then technically there is no income to report for that period.
- **Return Filing:** In this case, you may not be required to file a return for FY 2016-17 as there were no operations or income. The firm is only required to file a return if there is income or loss to report.
2. **Starting Operations in FY 2017-18:**
- **ITR Form:** For the Financial Year 2017-18 (Assessment Year 2018-19), where the firm started operations from May 2017, you should file the return using **ITR-5**. ITR-5 is used for partnership firms and other entities such as LLPs, associations of persons (AOPs), and body of individuals (BOIs).
### Regarding Section 139(1)(a) and ITR Forms:
1. **Section 139(1):**
- **General Information:** Section 139(1) pertains to the filing of returns within the due date. The specific references you mentioned (like 139(1)(a)) might be related to specific types of returns or amendments, but generally, ITR-4 and ITR-5 are used based on the entity type and nature of the income.
- **ITR Forms and Sections:** The ITR-4 is typically used for individuals, HUFs, and firms opting for presumptive taxation under sections like 44AD, 44AE. For a partnership firm, ITR-5 is more appropriate.
2. **Form ITR-4:**
- **Eligibility:** ITR-4 is used for individuals and HUFs, and firms with presumptive income. Since your friend’s firm falls under the partnership category, ITR-4 is not the appropriate form for this situation.
### Filing Process:
1. **No Return Required for FY 2016-17:** Since there were no operations or income during FY 2016-17, you may not need to file a return for that year.
2. **File ITR-5 for FY 2017-18:** For FY 2017-18, file the return using ITR-5, including all income, expenses, and other details from the time operations began.
### Location Specific Notes (Guwahati):
- **Local Tax Office:** If there are any specific local requirements or concerns, you can contact the Income Tax Office in Guwahati for clarification.
### Summary:
- **FY 2016-17:** If there were no operations or income, you are not required to file a return for this period.
- **FY 2017-18:** File the return using **ITR-5** since the firm started operations in May 2017.
- **Section 139(1)(a):** This section deals with the due date for filing returns and may not directly apply to your case if there was no income or operations in FY 2016-17.
Consult with a tax professional for personalized advice to ensure compliance with the tax laws and proper filing procedures.
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