should company file return or not

Tax queries 1147 views 8 replies

dear sir
i have a query regarding income tax an as well as the expert advice in procedure

sir, if one private company is incorporated in 2006 and after incorporation company has no production till date and neither any income from sales or business 

and company management has it's balance sheet upto 8th months from incorporation 

company is not filling any type or return in any act 

but since they have a fixed deposit with a bank and getting the interest income after TDS From last two years 

Company members doesn't want to wind up the company and no refund claim 

but they want that the company should be exist with accounts

my questions are
1. what should be done there?
2. is it any penalty there?
3. How Could company file return in proper manner ?

Replies (8)

i m just providing basic info relating to u r query....

as per section 139(1) every company has to file return in respect of any income or loss. though company has not done any business, it has interest income on FD...

to keep company alive on books..u must file return with the interest income....u need not give books of company coz as pet IT act..it does not required to maintained books of accounts..section 44AA..( turnover and income condition are not satisfied ).
SAFER SIDE...u can calculate b/s position as on date with the help of b/s available with managment....

u can file belated return of AY 09-1O and for this AY 10-11

and pls tell me that it's an private company so any circumstances in company law 

dear friend

in this case there is no difference as to whether it is a private co. or a public co.u are required to file return whether there is loss or income and income includes inetrest income also.

dear friends thank you 

but i have a little bit confusion that in which format of balance sheet and p & L should be filed 

and for which year because company is not filling return from 2006 because it was observed by them that we are having loss and why should we file any thing 

there clark has made only few month balance sheet so should i continue from there or should i show last year loss in balance sheet and continue from this previous year 

1. from where to start 

2. carry forward of loss should shown in return

3. and annual return for companines under companies act should be filled or not if yes then from which year should i filed it 

thanks in advance

Mr.sudhir as per my advise pass all the entires of bank form the date of incorporation till date

try to extract all possible information from directors or concern person who was managing account of company.

no use of showing carry forward loss in itr  bcoz u will not get credit for same as u have fail to filled return on time ha u can show current year ( Ay.10-11)  loss if any in itr

u have to file annual return for which penalty will be chrg by roc

 

 

 

n ha filled annual return as soon as possilbe otherwise mca will issue show cause notice for default in filling anl rtrn

agred with priyanka

I agreeed with Priyanka


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