Question And Answer
Subject: Income Tax Return for closed Companies
Querist: Avijit Sarkar
Answered by:
Tags: ,
Date: November 24, 2023
Query asked by Avijit Sarkar

The Company has received the closure notice from ROC after submission of all formalities for closure. After closure the company applied for surrender of PAN Card. Till now neither PAN has been deactivated nor any reply received from Department for surrender order. Should the closed company need to continue file IT Return even after the PAN Surrender since PAN has not been deactivated.

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Answer given by

It is desirable to intimate in writing to the Income tax department ,specifying the date of closure of company also enclose the copy of the intimation received from the ROC . One has to verify whether all earlier assessments are completed and amount with the bank or receivable etc .have been distributed . If the company is closed in the middle of the financial year , the assessee may have to file the return till the date of the closure .

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One comment on “Income Tax Return for closed Companies
  1. Rishav Tulsyan says:

    The company applied for PAN surrender should not file return from the same pan as the surrender of pan was because of amalgamation or demerger or whatever reason. If the return is being filed then it will be considered as active PAN and in accordance to the filing of return the assessment proceedings can be started. If you don’t file return after the application is submitted and then any notice is issued then the same can be quashed on merits. Many judgements are on this and generally the judgement of Maruti Suzuki vs PCIT is quoted in the assessment matters.

    This is my view and I am not giving any legal opinion to anyone. Kindlyz, don’t consider it as advise or opinion. It is for the purpose of academic discussion.

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