Fast track exit scheme 2011

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This query is : Resolved

VIKAS (Querist)

26 June 2013 DEAR SIR,

WHAT DOES IT MEAN BY COMPANY NOT IN OPERATION FOR FTE 2011 ??

IS SALE OF FIXED ASSETS WITHIN ONE YEAR MEANS THAT COMPANY IS IN OPERATION ?

IS CASH & BANK BALANCE IS CONSIDERED AS ASSETS FOR THE PURPOSE OF FTE 2011 ?

IS THE COMPANY WHOSE NAME IS STRIKE OFF UNDER FTE 2011 REQUIRE D TO FILE INCOME TAX RETURN ??

PLEASE DO THE NEEDFUL

THANKING YOU IN ADVANCE.

CA. RAGHAV GARG

CA. RAGHAV GARG (Expert)

27 June 2013 Company not in operation means the company shall not be doing any Business during last one year.

As per my view, Sale of Fixed Assets are not to included in operation and therefore company is non operating even if it is selling its Fixed Assets

Cash Balance is Considered as asset, unfortunately, they do not understand the fact that cash is the property of Shareholders which they can take proportionately and they unnecessarily raise problems in this. you may contact me for further details

The Company is not required to File its return of Income after name struck off, but is required to file the return of Income for period upto name stuck off date.

CA. Raghav Garg
raghav@ggassociates.in

VIKAS

VIKAS (Querist)

27 June 2013 Sir,

Then how to deal with the exiting cash balance, FD etc

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