COMPANY ITR AND BALANCE SHEET

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Sourabh Katiyar

140 Points Posted on 06 March 2025

Respected Members,

I have a private limited Company, and due to low turnover in year 2023-24, I have not filed any ITR and ROC returns for the company.

But now I have requested to CA to file the same but he is saying it could not be filed as date has been crossed and UDIN could not be generated.

Is there any option I can file ITR for Pvt Ltd Company.

Replies (2)

Quick Summary

This discussion addresses the challenges of filing a private limited company's Income Tax Return (ITR) and ROC returns after the deadline, particularly when the Unique Document Identification Number (UDIN) cannot be generated. It outlines the consequences of late filing, including penalties and loss of benefits. Several options are presented, such as filing with late fees, applying for a Condonation of Delay, or consulting a tax professional. The advice also covers filing ROC returns with additional fees and mentions Form MSME-1 for relevant companies.

Rama chary Rachakonda

Master in Accounts & high court Advocate

9620 Points Posted on 06 March 2025

I'll provide guidance on your situation regarding filing ITR and ROC returns for your private limited company.

Consequences of Late Filing: 1. *Penalties and Fees*: Late filing of ITR and ROC returns can result in penalties, fees, and potential legal consequences.

2. *Loss of Benefits*: Your company may lose benefits, such as carrying forward losses or claiming exemptions.

Filing ITR for Pvt Ltd Company: 1. *UDIN Issue*: The UDIN (Unique Document Identification Number) issue can be resolved by requesting your CA to obtain a new UDIN or by filing the return with a declaration explaining the reason for the delay.

2. *Late Filing*: You can still file the ITR, but you'll need to pay the applicable late filing fees and penalties.

Options for Filing: 1. *File ITR with Late Filing Fees*: Pay the late filing fees and penalties, and file the ITR.

2. *File Condonation of Delay (COD) Application*: If the delay is reasonable, you can file a COD application with the relevant authority, explaining the reasons for the delay.

3. *Consult a Tax Professional*: Seek guidance from a tax professional or chartered accountant to ensure you're taking the correct steps.

ROC Returns: 1. *File ROC Returns with Additional Fees*: You can file the ROC returns with additional fees for late filing.

2. *File Form MSME-1*: If your company is an MSME, you may need to file Form MSME-1. Consult a tax professional or chartered accountant to ensure compliance with tax laws and regulations. They can help you navigate the process and minimize potential penalties.