20 September 2015
Hi Company formed in November 2014, and started operations from May 2015, is it required to file IT return for FY 2014-15 and can we write off 1/5 Preliminary expense when no revenue in FY 2014-15., pl. clarify me
21 September 2015
To avoid penalty U/s 271F, every company has to file It return, atleast before the end of assessment year ie for Fin year 2014-15 before the end of 31.03.2016. As the company has not started business operation upto 31.03.2015 it will have no profit and loss account for 2014-15 but has to file ITR. The ITR s filed with NIL items in PL account are being treated as "Defective returns" by CPC. So fill the Balance sheet as usual. Put the preliminary expenses in Profit and Loss account and again add them back so there is no change in the balance sheet.File ITR before 30.9.2015, so that you have option ti file revised return also if needed
CAclubindia
