Hello friends,
All the best to all you who are waiting for results like me. "ALL THE VERY BEST"
Now my query-
There is a shipping company which had started to construct the ship but by he end of the year construction has not ben completed. There is no income during the year under consideration not even interest income. So my question is whether it is required to file IT return this year or not????????
Regards,
Shraddha
it return should be filed whether its a zero income also
Dear Shradha
The following persons are under statutory obligation to file return of income u/s 139(1),4A, B and C
A Company,
Firm
and a person other than a company or firm whose income with our claiming deducation under sections 10A, 10B, 10BA, 80C to 80 U exceeds the maximum amount which is not chargeable to Tax.
Son in your case you specified it as a company and company and firm has to file its return on income every year irrespective of its income or loss compulsorily.
So the company is under obligation to file IT return irrespective of the fact that no income or loss it has to file a Nil return
Under Sec-139(1) of the Inocme Tax Act the partnership firm and the company has to mandatorily file the return of the previous year,whether or not they have earned income or not...
In case, its a company.....its compulsory to file the return.............
Thanks
Mihir Doshi
In case, its a company.....its compulsory to file the return.............
Thanks
Mihir Doshi
CAclubindia
