A company was incorporated on 28th January, 2010. Turnover till 31st March, 2010 was Rs. 3,45,000.00. In the case of that company please clarify me the following,
1) Whether the company is liable to file Income Tax return for AY 2010-11.
2) If yes, whether it is required to conduct Statutory Audit under companies Act before filing IT Return or It can use unaudited financial statements for filing IT return.
3) If audit reports are not attached whether its IT Return will be considered as a defective return.
18 September 2010
1. The company has to file income tax return for AY 2010-11 2. The company can use unaudited financial statements for filing IT return 3. The return is to be submitted electronically after affixing digital signature. There is no question of anything to be attached with the return.
1. yes the Co. is liable to ITR as per IT Act. 2. Statutory audit need to be done before filing of ITR. 3. The Co. have to file ITR electronically with digital signature. hence, the question of attaching the audit report not arise.
In the above case will you please clarify me the following,
The company is incorporated only in january 2010 and as per companies act it has sufficient time to conduct its annual general meeting and to place before its first audit report.
In that case whether the accounts should be audited before filing IT Return or the company can use unaudited financial statements.
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