Itr by newly incorporated pvt ltd co

Dear Rajeshbhai,

           From your words, it seems that you are confused regarding that if AGM is not conducted, the accounts are not approved and hence I.T. Return cannot be filed. Now, I would say dont mix up Co.'s Act with I.T. Act. The audit would be carried out from 6/1/10 to 31/3/10. On the basis of that report, you can file the I.T. return.

You mean to say, the company shall prepare two balance sheet and get both audited, one for Year ending 31.03.2010 and other for 31.03.2011, and file ITR for both year separately for the IT purpose.

Now, tell how to file two different audited balance sheet with ROC against one AGM.

the balance sheet as on 31.03.2010 will be for income tax only. no need of audit under company law. No audit under income tax required if sales for that period is less than 40 lakhs. and also no need to send the balance sheet to ROC if you are stating your financial year to be up to 31.03.2011.

Just make PL and Balance sheet as on 31.03.2010 to fill the information in ITR.

Further discussion awaited...

Then which PLA to be attached with Form 23ACA under Company Law - one for the period from 06.01.2010 to 31.03.2011 made for ROC purpose. or Two PLA - for 06.01.2010 to 31.03.2010 and 01.04.2010 to 31.03.2011 for IT purpose. And as per you total three balance sheet and profit & loss account require to be prepared - Unaudied Balance Sheet & profit and loss account as on/ for the year ended 31.03.2010 and 31.03.2011 for IT purpose and Audited BS & profit and loss accout as on/ fir the year ended 31.03.2011 for ROC purpose.

Can you provide any specific provisions/sections of law under Income Tax and COmpanies act in this regard in support of your answer, please.

under income tax FY starts from 1 april to 31 march or date of incorporation to 31 march

so you have to necessarily file 2 returns.

under company law FY can be of any period less than 15 months.

here your financial year is from 6.1.10 to 31.3.11 so only one audit under co act and only one Return to ROC required.