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Request for legal advice: Tax filing for a non operational or no profit yet, company

I formed a company on June 2009, but haven’t yet filed any tax. If the business has not made any profits what is the procedure for filing the returns.

Now that I know it is must for company operational or not, profitable or not, the return filing is must. and also is CA necessary, CA fees would be exorbitant is it possible that one can file company’s returns on it’s own. How much money would I have to shell out for all the taxes and penalties? for this. What will happen if I don’t do it?

 

Please advise, thanks.

Warm Regards

Arun Kumar

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3 Comments

  1. Hi,

    You should get in touch with a CA to file the company’s returns instead of trying on your own since a late return filing involves various interests/penalties. Furthermore, filing return in response to a notice from  IT under sec(143) incurs is bit more costly in penalties than voluntary return filing. ( i dont want you to get scared, but its better to meet compliances on time) 

    PS: I m not a CA 🙂

    -ashutosh

  2. I am not a CA, but since I have incorporated a pvt ltd company myself, the basic rule says that you need to appoint a CA within a month & pass a board resolution accordingly. Your CA will intimate about about the same to MCA ( ministry of corporate affairs ). Now you will need to contact a CA urgently , who can help you with the formalities and will also need a CS to upload your board resolution documents annually to MCA. And you will need to do it urgently, as you are already late.

    With warm regards

    Dr.Sourabh R.Welling

  3. For a company, it is mandatory get annual audit done, which only a CA can do. Annual return filing is also mandatory, and so is company filing. Even a small CA firm will be able to handle all this.

    For Audit and filing, the total charges should come under Rs. 6-7,000. I’m not sure about the fees for company filing. I know a few people. Message me and I’ll get a quote from someone.

    Also, you said the company didn’t make any profits. But the company have sales and expenses? The above statements are based on the assumption that the company had little or no transactions for the year.

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