IT return

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Querist : Anonymous

Querist : Anonymous (Querist)

30 June 2011 If a company incorporated in 03/01/2010 than PVTLTD / Ltd company has to file IT return for AY 2010-11 or AY 2011-12 ?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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30 June 2011 IT return is to be filed for AY 10-11.

Querist : Anonymous

Querist : Anonymous (Querist)

04 July 2011 If there is no activity in 1st year and as per co act there is time of 15 month to file is there any provision in IT act

Aashok Kumar Sharma

Aashok Kumar Sharma (Expert)
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02 August 2024 For a company incorporated on March 1, 2010, the relevant Assessment Years (AYs) and the requirements for filing Income Tax Returns (ITR) are as follows:

### Filing IT Returns for a Newly Incorporated Company

#### Relevant Assessment Years:
1. **Company Incorporated on March 1, 2010:**
- **Financial Year (FY):** The financial year for the company would run from March 1, 2010, to March 31, 2010.
- **Assessment Year (AY):** The corresponding assessment year for this period would be AY 2010-11.

2. **Subsequent Year:**
- For the financial year from April 1, 2010, to March 31, 2011, the assessment year would be AY 2011-12.

#### Filing Requirements:
1. **AY 2010-11:**
- **Filing Requirement:** Since the company was incorporated in the financial year 2009-10, it is required to file its income tax return for AY 2010-11 even if there was no activity during that period. The return should reflect the status as of March 31, 2010.
- **Due Date:** The due date for filing the income tax return for AY 2010-11 was generally July 31, 2010. However, if the company was incorporated only on March 1, 2010, it may be allowed to file a belated return.

2. **AY 2011-12:**
- **Filing Requirement:** The company is also required to file a return for AY 2011-12 for the financial year 2010-11, which covers the period from April 1, 2010, to March 31, 2011. Even if there was no activity, the return should be filed.

#### Compliance and Provisions:
1. **Company Act Provision:**
- **Filing Time:** Under the Companies Act, a company is required to hold its first Annual General Meeting (AGM) within 18 months from the date of incorporation. The annual accounts need to be filed within 30 days from the date of the AGM.

2. **Income Tax Act Provision:**
- **Due Date for Filing Returns:**
- **For AY 2010-11:** The normal due date was July 31, 2010.
- **For AY 2011-12:** The due date would generally be July 31, 2011.
- **Belated Return:** If the return is not filed by the due date, a belated return can be filed under Section 139(4) before the end of the relevant assessment year or before one year from the end of the assessment year, whichever is earlier. For AY 2010-11, the belated return could have been filed by March 31, 2012. For AY 2011-12, the belated return could be filed by March 31, 2013.

#### Practical Steps:
1. **File the Returns:** Ensure that the income tax returns for both AY 2010-11 and AY 2011-12 are filed. You should file the returns even if there were no business activities.
2. **Check for Penalties:** Be aware that filing belated returns may attract penalties under Section 234F of the Income Tax Act.
3. **Consult a Tax Professional:** It is advisable to consult with a tax professional to ensure compliance with all filing requirements and to handle any potential penalties or issues.

### Summary:
- **AY 2010-11:** File a return for the period from March 1, 2010, to March 31, 2010.
- **AY 2011-12:** File a return for the period from April 1, 2010, to March 31, 2011.
- **Filing Deadline:** Adhere to deadlines and file belated returns if needed, keeping in mind penalties and compliance requirements.

For specific advice and detailed guidance, especially regarding penalties and compliance, consulting with a tax professional is recommended.

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