banner_ad

It return of co. last 5 years

This query is : Resolved 
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
21 December 2011 Dear Sir,
We have a Co. which are non operative since last 5 year & we have not filled IT Return for that period. (NIL Transaction)
During C.Y company billed starting operation (billing for C.Y. would of Rs 10 Lacs)
What is the liability of co. under IT Act for not filling IT Return.
Pls reply
Thanks:

Amit
Profile Image

Yogesh Agarwal

Profile Image

Yogesh Agarwal (Expert)
21 December 2011 As per section 139(1) every company needs to file its return of income. Only exemption is given to Individual and HUF only if their Gross total income is less than the exempt limit of income. Even in case a company making loss is required to file its return.

Since yours is a company assessee you should definitely file the return. The only consequences i can see is the imposition of penalty of Rs. 5000 for each year of default under section 271F.

No matter your company has started billing in current year.

Hope you are clear
Profile Image

anurag

Profile Image

anurag (Expert)
22 December 2011 Penalty Penalty Penalty....
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
ARTICLESHIP 27 May 2026
CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 31 May 2026
Article Assistant

KPRS And Associates

New Delhi

CA Inter

View Details
Company
08 May 2026
Paid Assistants

Quick Taxperts Private Limited

Bengaluru

Graduate (Any)

View Details
Company
16 May 2026
Account & Audit Asst

RAHUL KHANDEBHARAD & ASSOCIATES

Nashik

B.Com

View Details
Company
11 May 2026
CA Dropout

Patron Accounting LLP

Pune

CA Inter

View Details
Company
29 May 2026
Finance Head

Bhawar Sales Corporation

Chennai

Graduate (Any)

View Details
Company
26 May 2026
Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details