Can i file 5 years income tax return filing? pvt. ltd. co.

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Querist : Anonymous

Querist : Anonymous (Querist)

24 September 2012 As an Accountant I have just joined a Pvt. Ltd. Co. - Logistic Co.
Our co. have not filed Income Tax return since FY 2006-07 till date. Due to some reasons even Accounts are not Finalized.
What should i do?
Since last 2 years Turn over per year is about 2cr.
Directly Can we file this years FY 2011-12 IT Return?
Pls reply urgently.

CS, Deepak Pratap Singh

CS, Deepak Pratap Singh (Expert)
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24 September 2012 Dear Friend, according the provisions of Income Tax Act, 1961 as well as companies act, 1956 a private/public limited company is required to file its audited accounts annually. In case of non filing of accounts or return a penalty of 0.5% of Turnover or Rs. 150000/- whichever is less levied for each year. You can file return for only two preceding previous years not for five years. Thanks

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Querist : Anonymous

Querist : Anonymous (Querist)

24 September 2012 Sir,
Thank you for your Quick reply.

Sir,
Then what would happen for First 3years.? Do we have to pay penalty for first 3years.? What action Income Tax Dept. will do with us?

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