In the case of filing returns to an newely formed comanies the companies act provides 18 months time from incorporation.
In the succeeding years the company should file the return within 15 months
U/s 139 of the income tax act furnishing of return by company or firm is compulsory even if the return is below taxable . The proviso to section 139 states as under:
"Provided also that every company or a firm shall furnish on or before the due date the return in respect of its income or loss in every previous year :"
as such you are liable to file your income tax return for the financial year2006-2007.
pls read out section 210 of the companies act 1956.
It clearly states that the first financial year for the company could be of 18 months.so if your company in first board meeting if defines the the term financial year which company is going to adopt then the finalisation of accounts will be at the en of financial year only anf filing of IT return fot that year is also compulsary after closing of that year.
e.g.
if youe company is incorporated on 1st January 2007 your 1st year end will be 31st march 2008
and your consequent financial years are like 1st April 2008 to 31st march 2009 and so on.....
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