Filing of returns for more than 12m period
This query is : Resolved
12 April 2010
Say I have formed a new company only in March 2010 but have no operation in that month. My company starts operations only after Apr 2010.
So in such a case what is my liability while filing returns with the IT Authorities u/s 139. Is it compulsory to file return for the FY 09-10 or can I file a combined reurn for the period Mar 2010 to Mar 2011 (Soething similar to what we do in ROC)?
Secondly from which period can I start claiming my Preliminary expenses?
So in such a case what is my liability while filing returns with the IT Authorities u/s 139. Is it compulsory to file return for the FY 09-10 or can I file a combined reurn for the period Mar 2010 to Mar 2011 (Soething similar to what we do in ROC)?
Secondly from which period can I start claiming my Preliminary expenses?
12 April 2010
DEAR MEERA,
YOU WILL HAVE TO FILE YOUR IT RETURN FOR THE BROKEN UP PERIOD OF SAY 01.03.10 TO 31.03.10.
THERE IS NO EXEMPTION. YOU CAN CLAIM PRELIMINARY EXP FROM THE FIRST YEAR (I.E.FY 09-10) ITSELF. PLEASE FILE YOUR IT RETURN BY 30.09.2010 U/S 139(3) I.E. RETURN OF LOSS. AS I ASSUME YOUR ACCOUNTS MUST BE SHOWING LOSS FOR THAT PERIOD AS YOU ARE INCURRING EXP AND YOUR OPERATION HAVE NOT STARTED.
REGARDS
YOU WILL HAVE TO FILE YOUR IT RETURN FOR THE BROKEN UP PERIOD OF SAY 01.03.10 TO 31.03.10.
THERE IS NO EXEMPTION. YOU CAN CLAIM PRELIMINARY EXP FROM THE FIRST YEAR (I.E.FY 09-10) ITSELF. PLEASE FILE YOUR IT RETURN BY 30.09.2010 U/S 139(3) I.E. RETURN OF LOSS. AS I ASSUME YOUR ACCOUNTS MUST BE SHOWING LOSS FOR THAT PERIOD AS YOU ARE INCURRING EXP AND YOUR OPERATION HAVE NOT STARTED.
REGARDS
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