17 September 2010
As per Companies Act, company can prepare books of account for 15 months but i wanted to know is that the same from Income Tax point of view.
Suppose a company is incorporated on 15th jan, 2009 and incurred the loss of Rs 50000 till 31st march 2009 but Prepare its books of account for the period 15th jan,2009 to 31st march,2010. When will it has to fill its First Income Tax return i.e. either on 31st march 2009 to carry forward loss of Rs. 50000 or on 31st march 2010.Moreover, if company files its first return on 31st march 2010 can it claim loss of the year ended 31st march 2009 i.e. Rs.50000?
17 September 2010
As per Income Tax Act 1961 the period is from1April to 31 March. If you want to C/F the loss you have to file return from 15 jan,2009 to 31 March,2009.
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