Income Tax Return for partnership firms

Income Tax
1

If only PAN Card of partnership firm has been issued in FY 2023-24. No transactions happened. No bank accounts were opened. No businesses were commenced. Is it still mandatory to file Nil ITR ?

2

Yes, It is mandatory as per the provisions of Income tax Act, 1961.

Thanks,
CA. Pulkit Garg

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3

If a partnership firm has only obtained a PAN and there were no business transactions, no bank account, and no income during the financial year, filing an Income Tax Return is generally not mandatory since there is no taxable income.

However, many professionals suggest filing a Nil ITR as a good practice. It helps maintain proper records with the Income Tax Department and avoids any confusion or notices in the future.