Whether is it mandatory for Private Limited Company to file income tax return even if it has made loss and does not want to carry forward the same as there is no possibility of earning profit next year also and the business is shut down next year?
4 Replies
Amir
(Learner)
(4016 Points)
Replied 21 April 2010
Dear Sidhesh,
As long as a Company (Private or Public) is in existence it is required to file its ITR irrespective of the fact it has sustained loss or is planning to shut down or has no revenue at all.
CA Mohit kumar jain
(Searching Source of Money)
(149 Points)
Replied 21 April 2010
yes it is mandatory for companies
RITESH KOTHARI
(B.COM, FCA, DISA(ICAI))
(778 Points)
Replied 27 April 2010
Yes, It is mandatory for a Companies to file ITR as well as Annual Return under Companies Act.
CA Pankaj Warke
(Fin Man)
(268 Points)
Replied 27 April 2010
Dear Siddhesh,
The excuses given for non-filing the return seems absurd.
You must file return of Income for the company in existance.
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