RAJ KUMAR (FINANCE MANAGER) (1393 Points)
19 March 2011HELLO FRIENDS, PLS. TELL ME A PARTNERSHIP FIRM IS DISSOLVED INTHIS AND THE PARTNERS MAKE A FINAL DISTRIBUTION.
IN THIS CASE WE HAVE TO FILL IN THE ITR ONLY P/L A/C FIGURES BECAUSE THE BALANCE SHEET IS FINISHED AFTER THE FINAL DISTRIBUTION
OR WE HAVE TO SHOW IN ITR-4 FULL BALANCE SHEET AND AFTERWARDS MAKES A DISTRIBUTION.
PLS. TELL ME.
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 19 March 2011
upto the date of dissolution u have to make a balance sheet, and file return
RAJ KUMAR
(FINANCE MANAGER)
(1393 Points)
Replied 19 March 2011
AFTERWARDS I WILL FINISH THE BALANCE SHEET.
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 19 March 2011
upto the date of dissolution the balance sheet would be only capital account of partners , debtors / credits / assets / liabilities all are nullified. but P/L account is there, and taxable profits also,
so after the balance sheet only partners have to get their share in cash or bank mode. so the business is closed, you have to inform the ITO regarding the status and request to close the file, henceforth u have to ask NSDL/UTISL to surrender the pan.
CA Madhu Soodan Tapuriah
(Practising Chartered Accountant)
(156 Points)
Replied 19 March 2011
please also consider provisions of sec 189 of the income tax act & also file the required physical form for dissolution of the firm with the concerned ITO
ca m s tapuriah
CAclubindia
