company registered - return not submitted to IT
This query is : Resolved
13 December 2007
A Public Ltd., company registered in 1994 has not submitted IT return till now since no business was commenced - ROC nil annual return has been filed. Is it correct or whether the company has to file with IT.If yes for how many years it has to file?( 6yrs or for full 13 yrs.)
13 December 2007
Return filing under income tax act is governed by section 139(1) which says that return filing is necessary where income exceeds the minimum slab specified irrespective of tax liability.Hence if there is no income before any deductions under chapter VIA there is no need to file any return.Again return filing is required u/s 139(3) to claim the loss incurred by company.
14 December 2007
In the case of Loss the company has to file the return with in the due date otherwise the company cannot C/F the Loss. Whereas the company has not commenced the production hence the expenses can claim as Pre Operative expenses and the amount should be apportionate over the asset on the commencement of business. Since there is no Loss no need to file the return.
14 December 2007
for full 13 years and ito may inpose rs. 5000/- per return as penalty for non filing of return
14 December 2007
In the case of a company it is compulsory to file the return every year.
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