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Question ID : 40447

ITR

A NEW COMPANY PREPARE BALANCE SHEET FOR 15 MONTHS UNDER COMPANIES ACT. IN THIS CASE, UNDER INCOME TAX ACT HOW COMPANY FILE HIS ITR AND TAX AUDIT REPORT AND FOR WHAT PERIOD. THANKS,

Posted by Punit Rai on Nov 01, 2019

Filed Under DIRECT TAXES

Answer ID : 80214

Cannot file single income tax return covering 15 months. Inference - Section 3 of Income tax act,1961.

Posted by B.CHACKRAPANI WARRIER on Nov 02, 2019
Answer ID : 80222

The facility to submit first balance sheet for extended period was allowed in Companies Act only. Income tax return is to be filed even if the Company works for single day in a financial year.

Posted by SURAJ KUMAR CHOUDHURY on Nov 09, 2019
Answer ID : 80230

Sec 139(1) Every person shall on or before the due date furnish a return of income …..during the previous year, in the prescribed form... Sec 2(34) previous year means previous year as defined in Sec 3 Sec 3-previous year means financial year immediately preceding the assessment year provided in case of business newly set up or a source of income newly coming into existence, in the said financial year, previous year shall be the period beginning with date of setting up business and ending with the said financial year. In your case even though you have prepared financial year for 15 months as per Companies Act, you should prepare accounts for the broken period upto March for I-T purposes

Posted by D SANTHANAM on Nov 14, 2019