23 March 2009
Sir this is Radhika , ihave a one queary iam working as accountant and dealing incometax and auditing also my qualification is MBA Iam working in Iha consulting pvt ltd company. this company was started on 2005 june we did not file the incometax file for year of 2005 to 2006. 2006 to 07 and 2007 to 08 we submited e filling now shall we submit the 2005to2006 year income tax file please tell me sir
23 March 2009
Company is compulsorily required to file income tax return whether it is operating or no, have any income or losses. If a company does not submit return for any year (suppose have no income or losses), then it will be liable to pay penalty u/s 271F for rs. 5000.
Second you can submit return upto one year after assessment year. F.Y./A.Y./Last date without penalty/last date with penalty 2005-06/2006-07/31.03.2007/31.03/2008 2006-07/2007-08/31.03.2008/31.03.2009 2007-08/2008-09/31.03.2009/31.03.2010
So you cannot file the return for 2005-06 now. For 2006-07, you need to pay penalty of 5000.
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