A company is formed on 18th March, 2011. Therefore its financial year will end on 31st March, 2011 and the duration will be from 18th March to 31st March, 2011.
Now tell me friends If there is no transactions between the said duration, will it still be mandatory for the company to file ITR for the said duration.
Once the company is incorporated, Section 139 will be applicable which says a company shall file return..
You cannot say there will be no transactions. At least you need to provide for audit fees, even if there are no salary costs. What about the preliminary expenses, dear ?
Filing of return is manadtor for corporate assessee. And if you do not file you will also not be allowed to carry forward business loss.
Thankyou friends..
| Originally posted by : Dipjyoti Majumdar | ||
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You cannot say there will be no transactions. At least you need to provide for audit fees, even if there are no salary costs. What about the preliminary expenses, dear ? Filing of return is manadtor for corporate assessee. And if you do not file you will also not be allowed to carry forward business loss. |
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Thanx Dipi
In case of new company there will be definetely preliminary expenses and section 35d of income tax act will be applied...................and return will have 2 be filed
Agreed with Dipjyoti. There must be some expenses like Audit fees, preliminary expenses in the form of Survey Expenses, registration charges, filing fees, bank charges etc. which needs to be accounted in the books of accounts.
You need to account for such expenses and income tax return needs to be filed for Financial Year 2010-2011.
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