Hello Everyone,
I've a question regarding a private limited company formed last year that did not do any business during the course of the year (no revenues, no sales). Should this company still file Income Tax?
Thanks.
Soumster (Others) (28 Points)
14 November 2012Hello Everyone,
I've a question regarding a private limited company formed last year that did not do any business during the course of the year (no revenues, no sales). Should this company still file Income Tax?
Thanks.
Bindu Madhav
(Head - Finance & Accounts)
(151 Points)
Replied 14 November 2012
If company prepares annual accounts - it has to file the return of income. In general the company will show the expenses (roc filing fee, audit fee etc.,) and claim los and in order to get the loss c/f - they have to file the IT return
Atinder Singh
(Tax consultant)
(109 Points)
Replied 14 November 2012
CA Mangesh Chitale
(B. Com. A.C.A. DISA (ICAI) DIRM (ICAI))
(245 Points)
Replied 14 November 2012
According to section 139, Company must file return of income.
Amit Kumar Verma
(CA Final CS Professional)
(501 Points)
Replied 15 November 2012
CA. Kapil Goel, DISA(ICAI)
(cakapilgoel.wordpress.com)
(2191 Points)
Replied 20 November 2012
As per section 139(1), every company must file returnof income, it is irrelevant that there is no transaction .
CA Vanamala Phani Kumar
(Proprietor of M/s Vanamala and Co)
(972 Points)
Replied 20 November 2012
Company mention their Balance sheet items to ITD.
Rohan
(Chartered Accountant)
(50 Points)
Replied 20 November 2012
Its compulsory for a pvt ltd company to file return of income... Doesnt matter if it has carried out business or not during the previous year.
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
