Tax compliance of a private limited company

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Zakhil K Suresh (Querist)

06 June 2014 Hi All,

The following is the situation I need a clarification on.

A company limited by shares was incorporated in February 2012. The company is an IT Company and till dated no returns have been filed.

I would be extremely grateful if someone could guide me with what all are to be done. Company is not on profit till dated, but will there be penalty for non-filing on returns ?

Please clarify all the requirements.

CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)

06 June 2014 In case of Loss Returns if co. intends to carry forward this losses then they need to be filed on or before the due date (Except in case of Depreciation Loss) generally the same is 30th Sept (for FY 2012-13 it was extended i.e. 31-10-2013)

however it seems from your case that you have not filed the return for FY 2012-13 & the due date of the same has also been lapsed but you can file a belated return till 31-Mar-15. but you cannot carry forward your losses (excpt Depn Loss)

you need to also file Audit Report if you are covered by Tax Audit

for the FY 2013-14 (General-30.09.2014 if not extended)

Note:Company Audit is Mandatory

CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)

06 June 2014 Also you are required to comply with regulation & compliance's as provided by companies Act
Such as
ROC Annual Returns

Form 20B, Form 23AC, FORM 23ACA & FORM 66

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