Non-audit company
This query is : Resolved
12 October 2011
Dear Experts,
There is one construction company formed in 2009-10 but till date there is no Business done and there is no Bank account.
Also FY 2009-10 Income Tax Return has been submitted by showing a Net Profit around Rs. 2000/- and Sales (Consultancy Income) Rs.50,000/-
Now this year FY 2010-11, no Income Tax Return has been filed within 30 September.
What are the consequences? Can we file the Return with no penalty after 30th Sept'11.
Please Suggest?
There is one construction company formed in 2009-10 but till date there is no Business done and there is no Bank account.
Also FY 2009-10 Income Tax Return has been submitted by showing a Net Profit around Rs. 2000/- and Sales (Consultancy Income) Rs.50,000/-
Now this year FY 2010-11, no Income Tax Return has been filed within 30 September.
What are the consequences? Can we file the Return with no penalty after 30th Sept'11.
Please Suggest?
13 October 2011
the return can be filed without penalty till 31st march.
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