ITR / AOC-4

[Ashutosh Kumar Sinha Sinha]

We have started a Pvt Ltd Company wef 22-09-14 but till date no any transition in this company shall we comply all compliance FY 2014-15 or it is voluntary like ITR-6, AOC -4 , Section 44AA of Income tax Act etc..please guide us

Ashutosh

[DR.MARIAPPAN GOVINDARAJAN]

If you are carrying professional activities then you have to maintain accounts under Section 44AA of the Income tax Act. Voluntary compliance is at the discretion of yours.

AI Summary

Maintenance of accounts under Section 44AA is required for professionals; income tax and company filings otherwise remain voluntary absent transactions. If the entity is engaged in professional activities, it is subject to the statutory account maintenance obligation under the income tax provision requiring maintenance of accounts; for entities not carrying on professional services, compliance with income tax returns and company filings for a year without transactions is generally voluntary, subject to any specific filing or nil return obligations under tax and company law.