Sponsored
    Follow Us:
Sponsored

In case of firms, who have discontinued their business still have to file return u/s 139(1), since no procedure has been prescribed
for surrender of PAN by the discontinued firms. Due to this firms are liable to penalty u/s 271F at any time.

It is suggested that procedure for surrender of PAN & exemption from filing of return of income in respect of Firms having business discontinued, may be prescribed. With this, firms may be saved from penalty  u/s 271F.

Source- Pre-budget Memorandum 2014 on direct taxes by ICAI –

Sponsored

Join Taxguru’s Network for Latest updates on Income Tax, GST, Company Law, Corporate Laws and other related subjects.

0 Comments

  1. Hitesh chaudhari says:

    this is a very nice suggestion for saved penalty for in this case.

    Please suggest procedure for surrender PAN of a Firm.

    I was tried for surrender PAN of A Firm. but I followed procedure on IT Department in only one option are arias for surrender duplicate PAN or One or more PAN.

    Please suggest me original PAN surrender Procedure.

    Thank you.

Leave a Comment

Your email address will not be published. Required fields are marked *

Sponsored
Sponsored
Search Post by Date
July 2024
M T W T F S S
1234567
891011121314
15161718192021
22232425262728
293031