14 May 2013
hi this is aftaab khan from kareemnagar. I have incorporated a private limited company in hyderabad about 1 and half year back i.e. december 2011. However, as i was working in pune i was unable to commence my business operations in my newly incorporated pvt company. Till this date i.e. 14/5/2013 there is no transaction on the company's name and even we i.e. directors who are working in other companies unable to file tax return also. we have done nothing related to the company just incorporated it and then left it. now we want to start business with this company. can we do. what we have to do to commence the business. do we require to file anything with any department? what is the procedure and necessities we have to consider now to start business. Can i leave it as it is and start new company or a partnership firm? can i close this company? what will be the best solution for me? Thanks for giving time and your valuable suggestion.
15 May 2013
Hi Aftab.. Filing of ROC and Income Tax returns is mandatory for a co.. For a co, incorporated in Dec 11, you can file your ROC returns by July 13. Income Tax return can be filed till March 14..So you are well within the time limits.
Its better to continue with the company and dont waste your money on making a new company. Filing of returns is a much cheaper and easier solution.
CAclubindia
