IT return on NIL income

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Sathyanarayana.B (Querist)
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07 September 2009 Hi All. I have one query.

Company X has registerd with ROC in April 2008 , but business has not commenced till date.Only preliminery expenditure was incurred. Now promoter wants to wind up the company. whether income tax retun should be filed for P/Y 2008-09 for Nil income? can anyone please clarify this with sections of It and case laws?

CA CS CIMA Prakash Somani

CA CS CIMA Prakash Somani (Expert)
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07 September 2009 Company is assessee once it comes to existance. in your case there is no assessee so there is no Q of filing return

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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07 September 2009 Winding up of the company,in the given situation, is possible under section 560 of the Companies act,1956. Along with the application, among other documents,the company has to file 'no liability certificate' from income tax department for which a NIL return for the assessment year 2009-10 has to be filed with the Income tax department.

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