My private limited company was incorporated in February 2009. The company received its PAN card in April 2009.
We did have any income till 31st March, 2009, hence we have not filed income tax returns for FY 2009. We do have some pre operative expenses (incurred between January-March, 2009), but no income.
As far as Companies Act goes, the company can adopt its financial year at the AGM within 18 months from incorporation. We would like to maintain April to March as our financial year for ease of computation.
My Questions Is it ok if we file return directly for the financial year April 2009 to March 2010? Do I need to take the approval of Assessing Officer, give notice to any regulatory authorities? Do I need to get my books audited? If so, what are the limits? How does presumption of income clause work?
Any other suggestion I should keep in mind while filing corporate taxes in this situation?
CAclubindia
