A new Company commences business in Feb2020 income tax applicability

This query is : Resolved

Prasad Balakrishnan (Querist)
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10 July 2021 A company commenced business on 01.02.2020. Prelimany expenses were incurred since that day. No IT return has been filed for the period AY 20-21. Now in FY20-21 the balances as on 31.03.2020 are carried forward and included for the period 01.04.2020 -31.03.2021. How to prepare the financial statements for the period 01.02.2020 to 31.03.2021 with repsect to IT returns and for Company ROC.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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10 July 2021 IT return should have been filed for two months period 2020.
Now' prepare financial statements for 2020-21 taking preliminary expenses of previous year in the 2020-21 accounts.
File ITR and ROC return for 3020-21.