No business private limited company, statutory filings ??

Dear Experts

We have a private limited company incorporated in March 2011 with a capital value of 100000. But we didn't do any business in 11-12 as were not able to take required approvals & products etc. But we have spent around 7 lacs on Rents/expenses/licensing other things in  11-12 year.  This year we are going to do business.

Please tell me should we have filed any statutory return/filing for 10-11 as the company was registered in 10-11 FY. If yes, will it attract any penalty/late fees etc if we do it now.  What returns/filing we will have to do for previous year (11-12) & last dates. What ever investment/expense we put in 11-12, will we be able to get it reduced from income in 12-13.

Thanx in advance

dear raju,

@ income tax: u need not file return as u have not started any activity. but u can file return voluntarily. for financial year 11-12, time for filing return is expired and hence u need not file it. but for f.y. 11-12, due date for return filing is 30-09-2012.

@ ROC: u can prepare first balance sheet as on 31-03-2012. hold AGM within 18 months from date of incorporation. due date for filing balance sheet is 30 days from AGM and annual return is 60 days from AGM. hence no penalty or late fee upto now.

regds,

sangram 9422622828.