Notice u/s 142(1)

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vanita (Querist)

15 September 2012 an assessee(Director of Company) has received a notice u/s 142(1) for FY 2009 - 2010 & FY 2010 - 2011 on Dt. 22.08.2012. The IT return of such company is not filed till today so can the return of both or any one of them be file now??? Also, the IT return was not filed because no transaction took place in such Financial years regarding such Company. So, Is there any risk or penalty can be charged to us, even after Striking Off the company under EES scheme of 2011???

The company was striked off under EES scheme 2011 .i.e. after 31st March 2011, so can I still expalin through reply to 142(1)??? If yes, then Plz tell me the procedure & what should I state the reason for non-filing of NIL IT return...Plz Help me out.......

The genuine reason for Non - filing of IT return was that no transaction was enrolled in the name of such company for which no IT return was filed.

Amol S Joglekar

Amol S Joglekar (Expert)

15 September 2012 If notice is received under section 142(1), and yours is a case of EES scheme of 2011, why do you want to file the return. Explain the case to the reply to 142(1). That is sufficient.

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vanita

vanita (Querist)

16 September 2012 But the the company was striked off under EES scheme 2011 on approx. Dt. 24.07.2011 .i.e. after 31st March 2011, & if still the assessee can explain the case as a reply to 142(1) then HOW CAN IT BE DONE???????? PLZ TELL ME THE PROCEDURE...HELP ME OUT............

vanita

vanita (Querist)

17 September 2012 PLZ Help ME OUT.............

Amol S Joglekar

Amol S Joglekar (Expert)

17 September 2012 Write a letter in response to the notice u/s 142(1), explaining the situation. That should be sufficient for the income tax department. A personal visit to the income tax department will speed up the matter.

vanita

vanita (Querist)

18 September 2012 But Sir, I want to know the Reason that I should state for Non-Filing of IT NIL return of a Private Limited Company?? As, I came to know that an amount of Rs. 5,000/- + Interest will be levied for non - filing of IT return...Is it true, if yes then how should save the assessee from such Penalty???

Here, I would like to mention that the Genuine reason for non-filing of NIL IT return is that NO transation was enrolled in the name of such Private Limited Company for which no IT return was filed...

Amol S Joglekar

Amol S Joglekar (Expert)

18 September 2012 The provision of charging penalty for such offence is not a NEW thing to Income Tax Dept. Looking at the previous instances, the Department has been lenient enough not to be harsh with the assessees. When you have committed NO LOSS to revenue, yours is a genuine case, you can show the FRANKNESS in disclosing your genuineness to Department. No risk per se.

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