CA RAJA SAHA (Dy Manager(F &A)) (321 Points)
21 June 2016As per income tax notification number 9/2016 dated 09.06.2016 Online submission of 15G from the period 01.10.2015 to 31.03.2016 will be permitted upto 30.06.2016.
Now kindly suggest whether online submission of 15G for the period 01.10.2015 to 31.03.2016 within 30.06.2016 will attract penalty u/s 272A of income Tax Act 1961.
Narender kumar
(student)
(84 Points)
Replied 21 June 2016
Dear Narendra,
The profit or loss of pre-incorporation period is transferred to Capital Reserve because it is not the profit of the company. Profit earned prior to incorporation of company is always t/f to Capital Reserve.
As you know that the period is divided into two parts:-
Profit or Loss earned in Post period is only the profit of the company. Hence. t/f to profit & loss A/C.
In simple words,
Pre -period mein kamaya hua profit - PAPA ka hai (i.e., Inheritable)
But Post -Period mein kamaya hua profit - Beta ka hai (i.e., Khud ka)- Company Ka
I hope this will help in order to understand the concept.
Regards
SONU JHA
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
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