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Dissolution of company
A Private Limited has not submitted its ROC and Income Tax Returns for past 3 years and also is not functioning since 3 years. But Still have a Current Bank Account. The directors will not use the company and it is of no use now. But the directors do not want to pay much penalties. Is FTE (Fast Track Exit) a option for the company. Please reply in detail. Thanks in advance.
Replies (1)
For Using FTE Mode kindly satisfy the following conditions:-
1. The company should have Nil Assets and Liabilites as on date.
2. It is better to file pending Income Tax Returns and ROC Returns inorder to avoid rejection at later stage
Regards,
Arjun Rajagopal
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