Hi,
We have a partnership company and I have a few queries for the same
1. The company was incorporated during FY 2005 sometime in February 2005 and has been Registered
2. We are in the business of selling retail Flowers, my question is are we exempted from Income Tax, which I presume we are not since not ALL our sales are self grown only about 30% is grown in our farm, the rest we get it from all over India.
3. We have not filed any IT returns for the last 4 years. I want to file the returns for the First year i.e Accounting Year 2005-06 with a total turnover of about 33 Lakhs. I presume we dont come under the 44EB compulsary tax audit.
4. Can you please advice what are the penalites and implications for late filing
5. If we can file the same now, can we do it ourselves as all our books of accounts have been maintained in Tally. If so, what are the relavent forms.
Any help and advice would be greatly appreciated
CAclubindia
