Regarding closure of a company

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rinki (Querist)
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27 March 2015 Respected Sir

A Company stopped operations after 31.03.2010. and cleared all its liabilities , debtors and closure of bank accounts upto 31.12.2010. After that no statutory returns filed in MCA or Income tax. Now we want to close its company under FTE scheme. Can any penalty for non filling of returns in MCA after 31.03.2010.or We can close it under this scheme.
Thanks in advance.

CA. SHIVA SHANKARA R. SHETTY

CA. SHIVA SHANKARA R. SHETTY (Expert)
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27 March 2015 Yes, you can close under this scheme without any penalty. However, you should have to file income tax return upto the current AY, irrespective of FTE scheme.

Before, filing FTE form, sell all the assets, which showing in the balance sheet as on date.