A company newly formed incorporate in November 2011, not started commercial acitivities as of now, waiting for the project funding. No revanues incurred duing the year, therefore no Income tax liability arise in AY 2012-13. Is it compulsory to filling IT Return & Roc. What are are compliance of IT Return filling & Roc. What are the consequence if not complied by the company. Please clarify in deatil???
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Requirement of It return & ROC for a newly formed company
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YOU ARE REQUIRED TO FILE NIL RETURN OF INCOME TAX & ROC .
AS SUCH THERE IS NO PENALTY FOR NON-FILIING OF IT RETURN BUT IF AO MAKES AN ORDER UPON YOU AS PER SECTION 271F OF IT ACT 1961, THEN YOU HAVE TO PAY PENALTY OF 5000/-.
Dear Mehak,
yes. even if there was no income during the previous year, the company will have to file the income tax returns (since section 139 of the Income Tax act requires a company to file the return even if there is no taxable income) and the RoC returns.
- Ankit
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