Tax for pvt ltd company ?

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Querist : Anonymous

Querist : Anonymous (Querist)

27 March 2015 Hello,

I have registered a company on 31 march 2013 but I haven't do any business till date.

I have filled IRT last year before September 2014 with zero income for year 2014-2015. (Through my CA who charged me 17 thousand for govt fee plus his charged) I think 10K is fee for zero income.

Can you tell me what is the financial year for any company ? (Like 1st April and ends on 31st March in personal case)

Now I need to file ITR again before 30 sep 2015 for year 2015-2016

I want an advice, How to close a company pvt ltd ? Is it a good idea ?

(Due to some personal reason I can't work on company)

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)
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27 March 2015 Why u wanna close it, if you had planned not to work in future also then u can go for this...

and financial year is same for all i.e. 1st april to 31st march

Querist : Anonymous

Querist : Anonymous (Querist)

27 March 2015 Thanks Ankit for fast reply. Yes I have plans but it will take about 6-7 months.

Last year I filled ITR with zero income now this year again zero income. I think its risky ?? Govt. will give penalty for no using pvt ltd for 2 years ?

Any expert Please help me ?? Do i continue with no business or Close it ??? SI there any hold option in india for pvt ltd ?

Querist : Anonymous

Querist : Anonymous (Querist)

27 March 2015 Thanks Ankit for fast reply. Yes I have plans but it will take about 6-7 months.

Last year I filled ITR with zero income now this year again zero income. I think its risky ?? Govt. will give penalty for not using pvt ltd for 2 years ?

Any expert Please help me ?? Do I continue with no business or Close it ???

Is there any hold option in India for pvt ltd ?

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)
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27 March 2015 http://taxguru.in/company-law/process-status-dormant-company-company-act-2013.html

Read this if its useful for you....

Message likes : 1 times

CA. SHIVA SHANKARA R. SHETTY

CA. SHIVA SHANKARA R. SHETTY (Expert)
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27 March 2015 In case, no income and no time to work in a company, it is better to close the company. Because, you should comply many statutory provision for run the company.

1. Every year, you should get the company's books audited by the Chartered Accountant. Even 'no income' also, auditing is must.

2. Every year, the company should file a Income Tax return, even 'no income' also.

3. Every year, the company must upload its Balance sheet and P&L Accounts along with notes, Annual return and board resolution in MGT-14 alos.

4. For all the above must done by the CA only.

5. Normally, for comply the above provisions, you should bear atleast 70,000 from your pocket, i.e, MCA upload fee, CA professional fee.

Therefore, think twice and decide yourself. You are better person to decide, what you want rather than others.

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Querist : Anonymous

Querist : Anonymous (Querist)

27 March 2015 ""5. Normally, for comply the above provisions, you should bear atleast 70,000 from your pocket, i.e, MCA upload fee, CA professional fee.""

Can you explain bit more ? 70000 from my pocket per year ? I have given 17000 to my CA for ITR. 10K is fee to govt. other CA fee.

I agree with your points. but if I start working on this company business after 3 year it will be ok ?? because I am not even trying right now. I am busy in some other work.

MAIN issue is that I don't want to lose my company name.

Can hold my company for few years or Hold my company name ?

CA. SHIVA SHANKARA R. SHETTY

CA. SHIVA SHANKARA R. SHETTY (Expert)
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27 March 2015 Normally, professional fee for statutory audit will be Rs. 25,000 per company. Even the company has nil income also, you should pay minimum audit fee.

For filing income tax return of companies, the minimum fee is Rs. 15,000/-

MCA uplaoding will take another 15,000/- The uploading fee shall be 1,000/ to 2,000/-

The fee for Ca, will be vary by firm to firm. I'm here, giving average rate.

In case, you want retain the company name, you should retain the company also. So, you should comply with the statutory requirement which i mentioned in the earlier posting.

The company can hold without any income, though statutory audit, income tax return filing and mca uploading must be done.

In earlier posting, I mentioned that, "you", that means,the company. Why I mentioned "you", you are the director of the company. The company has no income, so you should pay from your pocket.