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You will have to apply for cancellation of PAN giving a reason that the business was not started and hence there are no returns filed. However, if the department comes back and asks you to file returns of the partnership firm you will have to do the nill returns for the same. However, the customs department wouldn't have cleared your products to be ex...
W Network
caI and my friend own an import-export business as a partnership entity and got the partnership pan card during 2010. In the year 2012, my friend went to the bank to open an account and it was registered as proprietor and SSI registration was also done as proprietor as he was doing it all alone, and no bank was willing to give a business loan to him and only one bank agreed and it did it as proprietor. He started export using the given IEC without knowing the underlying difference. He filed returns as proprietor since then. No partnership return is filed since he was doing the business all alone and I was not aware of that. He came to know of this conflict issue in the year 2017, kindly suggest a solution.
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W Network
caYou will have to apply for cancellation of PAN giving a reason that the business was not started and hence there are no returns filed. However, if the department comes back and asks you to file returns of the partnership firm you will have to do the nill returns for the same. However, the customs department wouldn't have cleared your products to be exported without proper invoice and IEC. Hence there is a possibility your friend might have raised the invoice in Partnership firm's name. In such a scenario you will have to consider those exports as revenue of the firm and then file the IT Returns.
In case you need a support in legal matters, things can be consulted and delivered seamlessly on Wazzeer platform -> "Get Started!"
over 2 years ago
View answer
I and my friend own an import-export business as a partnership entity and got the partnership pan card during 2010. In the year 2012, my friend went to the bank to open an account and it was registered as proprietor and SSI registration was also done as proprietor as he was doing it all alone, and no bank was willing to give a business loan to him and only one bank agreed and it did it as proprietor. He started export using the given IEC without knowing the underlying difference. He filed returns as proprietor since then. No partnership return is filed since he was doing the business all alone and I was not aware of that. He came to know of this conflict issue in the year 2017, kindly suggest a solution.
-
W Network
caYou will have to apply for cancellation of PAN giving a reason that the business was not started and hence there are no returns filed. However, if the department comes back and asks you to file returns of the partnership firm you will have to do the nill returns for the same. However, the customs department wouldn't have cleared your products to be exported without proper invoice and IEC. Hence there is a possibility your friend might have raised the invoice in Partnership firm's name. In such a scenario you will have to consider those exports as revenue of the firm and then file the IT Returns.
In case you need a support in legal matters, things can be consulted and delivered seamlessly on Wazzeer platform -> "Get Started!"
over 2 years ago
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