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Itr by newly incorporated pvt ltd co

RAJESH VERMA (Individual) (54 Points)

13 October 2011

A private ltd co incorporated on 06.01.2010 accrodingly under Company Law it can hold its AGM by 05.07.2011 and prepare its accounts for the period from 06.01.2010 to 31.03.2011. And accordingly file annual documents with ROC.

But as per IT Act, it has to file its ITR for AY 2010-11 (for 06.01.2010 to 31.03.2010) and for AY 2011-12 (01.04.2010 to 31.03.2011). Please suggest how to file ITR for AY 2010-11 when the company is not having any AGM related to that year and holding its first AGM on 05.07.2011 only.

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5 Replies

Yash Anandkumar Mandavia (Practising Chartered Accountant) (184 Points)
Replied 13 October 2011

Dear Rajeshbhai,

From your words, it seems that you are confused regarding that if AGM is not conducted, the accounts are not approved and hence I.T. Return cannot be filed. Now, I would say dont mix up Co.'s Act with I.T. Act. The audit would be carried out from 6/1/10 to 31/3/10. On the basis of that report, you can file the I.T. return.

RAJESH VERMA (Individual) (54 Points)
Replied 13 October 2011

You mean to say, the company shall prepare two balance sheet and get both audited, one for Year ending 31.03.2010 and other for 31.03.2011, and file ITR for both year separately for the IT purpose.

Now, tell how to file two different audited balance sheet with ROC against one AGM.

Shashi Bhushan (Learner, Jalandhar) (996 Points)
Replied 13 October 2011

the balance sheet as on 31.03.2010 will be for income tax only. no need of audit under company law. No audit under income tax required if sales for that period is less than 40 lakhs. and also no need to send the balance sheet to ROC if you are stating your financial year to be up to 31.03.2011.

Just make PL and Balance sheet as on 31.03.2010 to fill the information in ITR.

Further discussion awaited...

RAJESH VERMA (Individual) (54 Points)
Replied 13 October 2011

Then which PLA to be attached with Form 23ACA under Company Law - one for the period from 06.01.2010 to 31.03.2011 made for ROC purpose. or Two PLA - for 06.01.2010 to 31.03.2010 and 01.04.2010 to 31.03.2011 for IT purpose. And as per you total three balance sheet and profit & loss account require to be prepared - Unaudied Balance Sheet & profit and loss account as on/ for the year ended 31.03.2010 and 31.03.2011 for IT purpose and Audited BS & profit and loss accout as on/ fir the year ended 31.03.2011 for ROC purpose.

Can you provide any specific provisions/sections of law under Income Tax and COmpanies act in this regard in support of your answer, please.