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Notice from it department
A company has not file any return since beginning but TDS has been deducted on FD of company on which a notice is issued to assessee for submitting response on the COMPLIANCE link, whether company required to file return of previous year or simple clarification on the matter is sufficient as company is going to be wind up.
Replies (2)
Whether company has made profits or not, it should file Income tax return. As the company have TDS credit if company file Income tax return then company will get TDS refund(as profit of company is nil). while filing Income tax return, company should offer income form those F.D's as Income from other sources but not as Income from Business or profession. In my opinion just clarification to dept. will not be enough, Thank you.
Yes, clarification will not stop the IT dept from imposing penalty for not filing IT return for the previous years.
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