TMI BlogPartnership Firm - Death of a PartnerX X X X Extracts X X X X X X X X Extracts X X X X ..... AB is a partnership firm in which A and B are the Partners. There are carrying trading activity. They are having stocks and there are no fixed assets in the firm. Mr A expired on 31st December 2018. As there is only one partner left in the firm and Mr A family members do not want to join as a partner the firm stand dissolved on 31st December 2018. Mr B carried the business . He made sales ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with GST no of the Partnership Firm and filed the GST returns also. Now as per IT act from st Jan 2019 to 31st March 2019 , it is to be treated as a proprietory concern. But sales were done with GST of the Firm. Please clarify 1. From 1st January 2019 to 31st March 2019 , I would like to file IT returns as Prop concern eventhough GST is filed with the name of the firm. 2. What are the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... consequences as per GST Act and IT Act. 3. Now what are the rectification steps to be taken . - Reply By Rajagopalan Ranganathan - The Reply = Sir, The partnership firm was dissolved on 31.12.2018.Within 30 days from this date you have to apply for amendment of the registration certificate. The GST returns filed will be in tact. - Reply By KASTURI SETHI - The Reply = 1. Both Acts are ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... independent of each other. 2. (i) A penalty of ₹ 10,000/- is imposable under Section 122 (xii) of CGST Act which is as follows:-. (xii) furnishes any false information with regard to registration particulars, either at the time of applying for registration, or subsequently. he shall be liable to pay a penalty of ten thousand rupees. You were required to inform the department wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thin 30 days from the date of change and you failed to do so. OR (ii) A penalty of ₹ 25000/- can be imposed upon under Section 125 of CGST Act . 3. Inform the department about the change in the constitution and get your registration certificate amended. Registration No.will remain the same. - Reply By KASTURI SETHI - The Reply = In view of death of one of the partners, the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... artnership itself stands dissolved statutorily, by operation of law, in view of provision under Section 42(c) of the Indian Partnership Act, 1932 . ------ Supreme Court in the case of S.K.Mishra Others Vs. Mohd. Laiquddin Khan another = 2019 (11) TMI 1 - SUPREME COURT Order dated 18.10.19 - Reply By harish varun - The Reply = A partnership firm is a business structure in which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... two or more individuals may or may not be registered to manage and operate a business in accordance with the terms and objectives set out in a partnership agreement. - Partnership Firm - Death of a Partner - Query Started By: - Rajendra Prasad Dated:- 27-10-2019 Goods and Services Tax - GST - Got 4 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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