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Non-audit company

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Amit Agarwal

Amit Agarwal (Querist)
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12 October 2011 Dear Experts,

There is one construction company formed in 2009-10 but till date there is no Business done and there is no Bank account.
Also FY 2009-10 Income Tax Return has been submitted by showing a Net Profit around Rs. 2000/- and Sales (Consultancy Income) Rs.50,000/-

Now this year FY 2010-11, no Income Tax Return has been filed within 30 September.

What are the consequences? Can we file the Return with no penalty after 30th Sept'11.

Please Suggest?

ADVOCATE CA MOHIT SURESH GUPTA

ADVOCATE CA MOHIT SURESH GUPTA (Expert)
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13 October 2011 the return can be filed without penalty till 31st march.

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