First balance sheet

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brijesh (Querist)
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15 April 2014 I have incorporated a pvt. company in February, 2014. on which date first year should be completed and if i do not prepare balance sheet for march, 2014, can i file income tax return for the a.y. 2014-15 ?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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15 April 2014 your FY is feb to 31.3.2014 and u need to file itr for ay 14-15 even in case u dont have any profit.

CA Deven

CA Deven (Expert)
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15 April 2014 Dear Tushar but if no business has commenced do i still need to file the same.

Can you please provide me which section state that

CA Umesh kumar Mantri

CA Umesh kumar Mantri (Expert)
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15 April 2014 A company comes in to existence when co. is registered whether co. stat the business or not.

And as per provision of Income tax act Every Co. is required to file the return of income tax.
so u have to file the ROI

CA Deven

CA Deven (Expert)
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15 April 2014

Can you please quote the relevant section in this regards.

CA Umesh kumar Mantri

CA Umesh kumar Mantri (Expert)
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15 April 2014 Provision of Section 139 of Income tax ACT 1961

brijesh

brijesh (Querist)
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15 April 2014 Dear Mr. Umesh and Tushar, I agree with your view but let me know if i am required to prepare financial statement and get it audited ??

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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15 April 2014 for tax audit purpose u need not go for this year as your gross turnover is not above 1 crore.

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