What happens when a pvt. ltd. company never files itr?

Hi People. I am new here so not sure in which category I should post this.

I & my friends need some professional help here on below issue and may be I would hire him/her to proceed further.

Me & My friends had registered a Pvt. Ltd. Company registered in November 2012. :

In March 2013, started the business(International Inbound Call Center). Tried to run it for 1.5 months with 7 Lac of capital. We paid for rental of office space, salaries and google adwords etc. but business roughly gave a return of 1.5 lac and then had to shutdown.

So what should we do ? Close this company or get it in good condition.

There has no ITR filled or audit done till today date. There were a total of three directors and were shareholders equally. There was no business done after April 2013 till today. We never registered for 

Kindly suggest and advised what we should do?

I'm thinking of two options:

1. Close the company somehow, may be there are any panelties.

2. Get the company accounts audited and file ITR and be back in good shape, but we won't be doing any business, no plans till now.

Replies (1)

Dear Ashwini,

 

Non-filing of ROC and Income-tax returns is not an option irrespective of whether you wish to continue with this company or not.  I would advise that you first file the returns for earlier years and then decide on the future course of action.  Otherwise penalties will just keep piling on.

 

If you wish we can professionally assist you in these filing

 

You can contact us at nikhilkaushikassociates @ gmail.com

Regards

 

Nikhil Kaushik, ACA

Partner

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