Shanthi (Junior Student) (226 Points)
17 March 2012Hello Everyone,
I have a query
Private Ltd Companies having total receipts (gross total turnover) of Rs 10 lakhs per annum. Are they exempted from filing income tax returns ? If so what is the technical name for this exemption ?
Thanks a lot
ashish gupta
( student)
(1922 Points)
Replied 17 March 2012
there is no such exemption as per my knowledge
neel123
(Individual)
(44 Points)
Replied 18 March 2012
pvt ltd companies have to compulsary file their returns after commencement of business, even if no income is earned.
Mihir
(Wealth Manager)
(5293 Points)
Replied 18 March 2012
Are you asking for exemption or deduction? No exemption from filing IT returns for private limited company, never will be.
Deductions, yes.
Ankit
(CA Final)
(75 Points)
Replied 19 March 2012
no exemption from filing ITR as per my knowledge and tax is to be paid @ 30 % plus cess compulsary
CAclubindia
