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Filing of NIL return

swati (Articled clerck) (129 Points)

05 February 2010

Is it necessary to file a nil return for a company which incurred loss in AY 09-0..

Thankyou

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3 Replies

Anand (Articleship) (41 Points)
Replied 05 February 2010

Hi Swati,

Sec. 139. says [(1) Every person,

(a) being a company ²⁴[or a firm]; or

(b) being a person other than a company ²⁴[or a firm], if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax,

shall, on or before the due date, furnish a return of his income or the income of such other person during the previous year, in the prescribed form²⁵ and verified in the prescribed manner and setting forth such other particulars as may be prescribed :

So the company must file the return,

Also the loss could be carried forward only if the return is filed within due date

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CA Saurabh Shukla (Accounts Executive) (223 Points)
Replied 05 February 2010

Mr. Anand is 100% correct, but I want to add something .........

Unabsorbed Deprication & Loss under Income from house property can be claimed even if you have filled belated return.

Correct me if I m wrong..........................

C.Balaji (Learner) (1867 Points)
Replied 06 February 2010

Dear Swati...

In your case it is not Nil return it is Loss return...

Loss return should be filed within the due date to carry forward the loss but Unabsorbed depn and Income from HP can be CF even it is not filed within the due date i.e.it should also be filed to carry forward the loss...

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