There is one construction company formed in 2009-10 but till date there is no Business done and there is no Bank account. Also FY 2009-10 Income Tax Return has been submitted by showing a Net Profit around Rs. 2000/- and Sales (Consultancy Income) Rs.50,000/-
Now this year FY 2010-11, no Income Tax Return has been filed within 30 September.
What are the consequences? Can we file the Return with no penalty after 30th Sept'11.
CAclubindia
