We registered a pvt ltd company in Jun 2008. There are no sales, purchases or revenues since then. We are just two persons and never been more than that. We never filed IT return so far.
Since the income was nil. I need to know what can be done now. How long can we delay it further and what will be the consequences. Do we need to get it audited by a CA to file the return?
Thanks in advance
Dear Sir,
Return for ant FY can be filed with 1 year from the end of assessment year.
Eg:-For FY 2008-09 (i:e AY 2009-10), return can be filed upto 31st March 2011
But if it is not filed upto 31st March 2010 then Penalty of Rs. 5,000/- may be imposed.
As far as requirement of Audit is concerned, Sir ur Copamy mst be getting its accounts audited under Companies Act.
Audit under Income Tax Act in case of business is required only where Turnover/Sales exceeds the limit of 40 Lakhs(now enhanced to 60 Lakhs)
Therefore no need to get Tax Audit done in ur case since u have mentioned that there were no sales at all..But return filing is mandatory.
BHUPINDER SHAH AND COMPANY
New Delhi
CA Inter
View Details
SKAA & Associates
New Delhi
CA Inter
View Details
CAclubindia
