04 October 2012
We have registered a Club under society registration Act AOP(Trust), and we have got PAN CARD last year and opened a bank A/c with amount Rs 50,000/-(self), before 31st march 2012 and there is no income and expenditure in our a/c. My question is shall I make nil IT return to IT Dept. or no need. (F.Y 2011-12) . suppose i should make nil return, shall i deposit any penalty or fine. kindly advise me
04 October 2012
Since No Income, No Ned to File return. Do You Claming Any Exemption Like Trust 12AA etc. then need to file return comulsory. and if file return then also no penalty.
CAclubindia
