It return for first year of a company

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 July 2011 In case one company was incorporated on Feb 10 and if it decides to have its first financial year of 14 months mean to say ending on 31.03.2011 (as provided under companies Act), will it have to file its Income tax return for year ending on 31.03.2010 and get its accounts audited for two months period (Feb-March10) also?

Thanks in anticipation..

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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30 July 2011 As per section 3 of the Income tax Act,1961 ,previous year of the company ends on 31/03/2010. Therefore, return of income has to be filed for the assessment year 2010-11 as per the third proviso of section 139(1) of the said act.

CA Navin Jain

CA Navin Jain (Expert)
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30 July 2011 yes, as per income tax act its mandatory to file the income tax return for the year ended 31.3.2010.

No need to get account audited for two month as per income tax act, since as per income tax act , account need to audit under sec 44ab. and if there is no transaction during the two month then no need to accounts audited

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