Sathyanarayana.B (Senior Executive- Finance) (45 Points)
07 September 2009Hi All. I have one query.
Company X has registerd with ROC in April 2008 , but business has not commenced till date.Only preliminery expenditure was incurred. Now promoter wants to wind up the company. whether income tax retun should be filed for P/Y 2008-09 for Nil income? can anyone please clarify this with sections of It and case laws?
Juzer Sadikot
(CA - innovative solutions for Imports and Exports)
(1309 Points)
Replied 07 September 2009
Dear Mr. Sathya,
A Company is require to file Return of Income even it is not having any Income chargeble to tax.
Further, I havnt come accross with case laws yet on this issue.
To be on conservative side and to make sure AO doesnt issue notice u/s. 142 or u/s. 115WD(2) and ask for penalty u/s 271(1)(c), it is always advisable to file ROI.
Thanks and Regards
CAclubindia
