ITR return

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If your Private Limited company begins trading very late in a financial year, such as on 29-02-19 for the 2019-20 period, you must still file a separate Income Tax Return (ITR) for that specific financial year. It is not sufficient to wait until the end of the following financial year. The tax accounting year cannot exceed 12 months, meaning a return is required for the period the business was active.

sankar ponnan

sankar ponnan (Querist)
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26 August 2020 SIR
If a Private Limited Commences its business at the end of financial year i.e say for example 29-02-19 (2019-20), whether It should file ITR for 2019-20 separately OR Is it enough to file ITR only after the end of next financial year -2020-21?
clear my doubt plz
thanks in adv

CA Ankith Jain

CA Ankith Jain (Expert)
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27 August 2020 ITR has to be filed for 2019-20, you could c/f your losses if any.

PARAS CHHAJED

PARAS CHHAJED

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28 August 2020 For the purpose of income tax accounting year cannot exceed 12 months therefore you are required to file return of income for FY 18-19 i.e. AY 2019-20

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