Income tax in India for Partnership Firms

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Question: Partnership Dissolution of a firm

Q: We are partnership firm we dissolved the firm on 1st march 2007, we have not conducted any transactions in FY 06-07. Do we need to file a return for FY 06-07

ANSWER

YES, YOU HAVE TO FILE YOUR 'NIL' RETURN. SIMPLY BY ONE LETTER ENCLOSING THEREWITH YOUR PAN CARD YOU CAN SURRENDER IT. PLEASE DO NOT FORGET TO GIVE A NOTICE TO THE ASSESSING OFFICER THAT YOU HAVE CLOSED YOUR BUSINESS IN THE NAME OF...... FIRM AND THE FIRM IS DISSOLVED. YOU CAN ALSO FILE A CERTIFIED COPY OF DISSOLUTION DEED WITH THE RETURN. ssunderagarwal@sify.com

(NF-LP)


===Ques: we pay Commission to The US company

We are an Export Firm. We have agent in USA who procures orders for us and we pay Commission to The US company,The commission is also shown in our book and all export documents.

From this year onwards do we have to deduct TDS. If yes what %. & Why? When this company is paying tax in his own country why they have to pay tax in India. They are not enjoying any benefits here.There earning is out side India. Why they have to pay TDS. Pls let us know. -- Mahender Chaudhary (via email)

Answer: Let the firm sign an agreement that the payment shall be released after deduction of their commission or otherwise if the account of the exporter is in USA then the payment can be made from that account to avoid TDS. Since the Finance Act 2007 has been assented by President only on Friday I have to recheck this matter and revert back to you. I will update this information ASAP.
You can contect our CA on ssunderagarwal@sify.com

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