Exemption or need for time

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Had a proprietary that was closed in 2010 and formed a Pvt Ltd in 2010 along with Partner A then in 2013 Partner A resigned and Partner B joined. Due to serious financial issues caused due to non payments and low business we had problems always to file.2010, 2011 & 2012 were filed late and together in 2012. In 2013 had saved some money and upon approaching our CA for filing and due to certain issues got delayed and the money was also exhausted. Tried all possible means to revive the business to-date but failed miserably and have run financially broke, with no money for anything. Of late have received notices from ROC u/s 92 AND 96 READ WITH SECTION 403 & 129 AND 137 READ WITH SECTION 403! 1. Is there any possibility of being exempted or buying time until I manage to organise some funds for the same? 2. Need to ensure both Partner A and Partner B have no problems. Can someone advice/help? Will sincerely appreciate.. Also please note: 2010 total turnover was about Rs.12-13Lacks following years have never crossed 9Lacks, with some serious huge losses. All the money was personal savings.

 

My Whatsapp/Cell# 9886934853

Replies (3)

Filing of  audited Balance Sheets and annual returns with ROC and income tax returns for all years is mandatory for all companies irrespective of the  size and nature of business.  There is no expemption from that.  

 

Is there any way I can buy sometime, until I manage to organise for the funds? Also by exemption, I meant some lineancy in time and penalties? Intention is not to avoid, but to file once I have funds.

Course of  action could  be:

 

1. Reply to  show cause notice and seek some  time  (say 3  months) for filing all pending returns.

2.  Keep audited Balance Sheets for all the years ready.

3.  Update all statutory registers, minute  books etc.

4.  Prepare list of pending returns to  be filed.

5.  File all pending returns with late fee (including Balance Sheets, annual returns and other returns)

6.  File application for  compounding of offence, if necessary.

 

It is suggested to engage some professional for above work.

 


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