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Tax filing for private limited company

10 February 2016

Hello Sir, For example a private ltd co company registered 2 years back till now accounts are not maintained and didn't file income tax or went through audit, now what is the procedure and how to approach for filing now and what is the penalty please suggest me on this....

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4 Replies

CMA Poornima Madhava (CMA) (13097 Points)
Replied 10 February 2016

You can get the accounts audited for 2 years and file the return now
Belated return may be furnished within 1 yr from the end of relevant AY. i.e. for FY14-15 (AY15-16), you can submit return within 31st March 2017
Belated return cannot be revised
For late submission of return, penal interest u/s 234A (in addition to interest u/s 234B & 234C if there is tax liability) will be applicable
If there is a loss, it cannot be carried forward and certain deductions cannot be claimed
Penalty of Rs.5000 u/s 271F if belated return is filed after end of AY

Gowthami Atmuri (student) (10 Points)
Replied 10 February 2016

Thank you Purnima, but if in case the company didnot maintain any accounts revenue reflected to company bank account till now, only bank statements are available now how to go ahead.....

CMA Poornima Madhava (CMA) (13097 Points)
Replied 10 February 2016

Even if there are no significant transactions, books have to be audited by CA. With the available information like bank statement, prepare accounts; using bills/vouchers, account the expenses incurred, sales (if any). Contact an Auditor who can guide you further.