LIVE GST Certification Course by CA Arun Chhajer begins 27th April. Register Now!!

Itr for newly formed company

Amit Kumar Verma (CA Final CS Professional) (501 Points)

30 December 2011

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.

Reply
Follow
Share

7 Replies

@*CS Siddharth Bumb. * (B.Com, CA Final, CS ) (5270 Points)
Replied 30 December 2011

yes you have to file return

Pancham Bedre (.) (47 Points)
Replied 30 December 2011

Once the company is incorporated, Section 139 will be applicable which says a company shall file return..

Dipjyoti Majumdar (CA in service & CS. dipmaj@ rediffmail.com ) (3468 Points)
Replied 30 December 2011

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.

Amit Kumar Verma (CA Final CS Professional) (501 Points)
Replied 30 December 2011

Thankyou friends..

Parashar (Company Secretary 2004) (1013 Points)
Replied 30 December 2011

Originally posted by : Dipjyoti Majumdar
	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.

Thanx Dipi

XYZ..... (-) (516 Points)
Replied 30 December 2011

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

CA Kiran Sutrave (CA) (428 Points)
Replied 30 December 2011

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.