Filing of IT Returns

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Muralidharan (Querist)
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06 September 2010 Dear Members

A private limited company was incorporated on 17th March 2010. During the period 17.03.2010 to 31.03.2010 there is no income or expenditure. Only pre-incorporation expenses is there which would be written off over a period of time.

The board has decided to close the first year of accounts on 31st March 2011 (17.03.2010 to 31.03.2011). Accordingly the First AGM would be held in the year 2011 which is permitted by the companies act, 1956.

My query is whether it is mandatory for the company to file its income tax return ITR-6) on or before 30.09.2010 for the period 17.03.10 to 31.03.10. If the company opts not to file the IT returns what would be the repurcussions.

Kindly advise.

with regards

Muralidharan

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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06 September 2010 As per section 3 of the Income tax Act 1961,the previous year of the company is from 17/3/2010 to 31/3/2010 pertaining to the assessment year 2010-11 and accordingly return has to be filed on or before 30/9/2010 as per section 139(1) of the said act.
Failure to file return may attract penalty provisions of section 271F of the said act.