No file return

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 January 2014 Hello sir i have a PVT ltd co.which was incorporated at 2013 but no work from this co and i am not filed any income tax.what should i do?

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

30 January 2014 file the return now..i m basing on the assumption that you incorporated before 1 April 2013.

Message likes : 1 times

CA Rajya lakshmi

CA Rajya lakshmi (Expert)
Follow

30 January 2014 u need not file return , when the operations of the company have not started as there are no expenses/income incurred, it is only the capital expenses i.e Preliminary expenses

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

30 January 2014 Dear Rajya Lakshmi,

Are you sure about this? Does Section 139 provides for this?

CA Rajya lakshmi

CA Rajya lakshmi (Expert)
Follow

30 January 2014
hi Nikhil, please go through Section 139 for your reference , it says that every company 11[or a firm] shall furnish on or before the due date the return in respect of its income or loss in every previous year - any queries plz reply

139. 98[(1) Every person99,—
(a) being a company 1[or a firm]; or
(b) being a person other than a company 1[or a firm], if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax,
shall, on or before the due date, furnish a return of his income or the income of such other person during the previous year, in the prescribed2 form and verified in the prescribed manner and setting forth such other particulars as may be prescribed :
Provided that a person referred to in clause (b), who is not required to furnish a return under this sub-section and residing in such area as may be specified by the Board in this behalf by notification3 in the Official Gazette, and who 4[during the previous year incurs an expenditure of fifty thousand rupees or more towards consumption of electricity or] at any time during the previous year fulfils any one of the following conditions, namely :—
(i) is in occupation of an immovable property exceeding a specified floor area, whether by way of ownership, tenancy or otherwise, as may be specified5 by the Board in this behalf; or
(ii) is the owner or the lessee of a motor vehicle other than a two-wheeled motor vehicle, whether having any detachable side car having extra wheel attached to such two-wheeled motor vehicle or not; or
(iii) 6[***]
(iv) has incurred expenditure for himself or any other person on travel to any foreign country; or
(v) is the holder of a credit card7, not being an “add-on” card, issued by any bank or institution; or
(vi) is a member of a club where entrance fee charged is twenty-five thousand rupees or more,
shall furnish a return, of his income 8[during any previous year ending before the 1st day of April, 2005], on or before the due date in the prescribed form9 and verified in the prescribed manner and setting forth such other particulars as may be prescribed :
Provided further that the Central Government may, by notification10 in the Official Gazette, specify the class or classes of persons to whom the provisions of the first proviso shall not apply:
Provided also that every company 11[or a firm] shall furnish on or before the due date the return in respect of its income or loss in every previous year

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

30 January 2014 Dear Friend,

please note that even Zero income is considered as income. For a company, filing of tax return is compulsory.

CA Rajya lakshmi

CA Rajya lakshmi (Expert)
Follow

30 January 2014 where it is written please highlight,

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

30 January 2014 isnt it so in general sense itself!!! regardless, you are free to have your opinion.

Is it anywhere written that you need not file return if there is no income/no activity. That privilege was only provided to individuals having income lesser than the exempted limit

Just to back my opinion, you may refer https://www.hlbi.com/index.php?option=com_content&view=article&id=532:india-is-filing-returns-mandatory-for-foreign-cos&catid=162:tax-updates

https://taxmantra.com/income-tax-returns-is-mandatory-for-all-companies-and-llps.html/

mehulmukati

mehulmukati (Expert)
Follow

13 February 2014 For a company it is compulsory to file returns even if no business is undertaken. The reason is: u/s 139 every person (includes company) is required to file return if income assessable is higher than the maximum amount not chargeable to tax. In case of companies the maximum amount is NIL. And hence even without business the tax returns have to be filed.

However, if a company is formed between 1st January and 31st March then the promoters / directors have the option of the first year being a 15 month period i.e. from 1st Jan this year to 31st Mar next year and the RoC submissions and IT Returns are to be filed accordingly for 15 months.

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

13 February 2014 Dear mehul. The it return will only be for 12 months. Income tax doesnt accept 15 months return

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Mohit Kumar

CA Narender Yarragorla

Aayushi Chauhan

MUNISH KUMAR

CA Aakarsh Jain

Subscribe Now

No file return

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA