should company file return if it's in loss

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Querist : Anonymous

Querist : Anonymous (Querist)

15 September 2010 dear sir
i have a query regarding income tax an as well as the expert advice in procedure

sir, if one company is incorporated in 2006 and after incorporation company has no production till date and neither any income from sales or business

and company management has it's balance sheet upto 8th months from incorporation

company is not filling any type or return in any act

but since they have a fixed deposit with a bank and getting the interest income after TDS From last two years

Company members doesn't want to wind up the company and no refund claim

but they want that the company should be exist with accounts

my questions are
1. what should be done there?
2. is it any penalty there?
3. How Could company file return in proper manner ?

Querist : Anonymous

Querist : Anonymous (Querist)

15 September 2010 where is expert who can solve this query

Querist : Anonymous

Querist : Anonymous (Querist)

15 September 2010 what is happening to experts why they can't resolve it

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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15 September 2010 1.Section 139(1)(a) of the Income tax Act,1961 says a company should file income tax returns every year irrespective of the amount ofincome/loss. If default continues penalty can be levied under section 271F of the said act.
2. Similarly every company has to file annual return, balance sheet and profit and loss account as per companies act,1956. Failure attracts, additional filing fee and prosecution of directors.
3. For both thes purposes first step is get the accounts of the company audited by a chartered accountant. Then the procedures as in (1) and (2) above may be followed.
N.B :- The above is my observation of the issue ,in brief, and to update the affairs of the company please seek the help of a practising professional.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

15 September 2010 dear sir thank you
but i have a little bit confusion that in which format of balance sheet and p & L should be filed
and for which year because company is not filling return from 2006 because it was observed by them that we are having loss and why should we file any thing
there clark has made only few month balance sheet so should i continue from there or should i show last year loss in balance sheet and continue from this previous year
1. from where to start
2. carry forward of loss should shown in return
3. and annual return for companines under companies act should be filled or not if yes then from which year should i filed it
thanks in advance

Querist : Anonymous

Querist : Anonymous (Querist)

15 September 2010 sir pls help

Querist : Anonymous

Querist : Anonymous (Querist)

16 September 2010 anybody help me it's urgent

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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16 September 2010 1. Financial statements have to be prepared in Schedule V1 of the Companies Act,1956.
2. To start from financial year 2006-07 and onwards.
3. c/fd need not show in return ,except for fin.year 2010-11, being belated not entitled for set off.
4. A/R has to be filed for the period mentioned in 2 above.

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