Go AD-Free with CAclubindia Pro and Daily WhatsApp Updates. Subscribe Now!

Late it returns for a non earning pvt ltd company

ITR 573 views 2 replies

zink ion

M.D

24 Points Joined April 2012

A private limited company formed in jan 2010 has not started operating and therefore there is not income yet. So since the last 2 years there haven't been any IT Returns filed. But the status of the company in the MCA website is in ACTIVE status and not Dormant status.

The company is starting to operate again and revenue will start soon. There have been expenditures only in the last 2 years.

So how to proceed. Does it have to file IT Returns with no income at all? will there be any fines? How to show the expenditures?

If you need any further info regarding this please contact my on this forum or on my email

Thanking you

Replies (2)

nitin suvarna

C.A FINAL

828 Points Joined July 2010

every co . regt under the companies act 1956 needs to file income tax returns whether there is net profit or net loss (losses can be carried forward) ,try to make the same .............penalties are levied under the income tax act 1961 otherwise.......