First return of income of newly incorporated company or firm for period from date of incorporation to 31st March of calendar year situation in which there is no income or loss and there is no source of income- mandatory provision to file ITR for each year by a company or firm.

First return of income of newly incorporated company or firm for period from date of incorporation to 31st March of calendar year situation in which there is no income or loss and there is no source of income- mandatory provision to file ITR for each year by a company or firm. https://www.taxtmi.com/article/detailed?id=11967 Where a newly incorporated company or firm has not commenced business and has no source of income or transactions up to 31 March, the period does not generate assessable income or loss and may not constitute a practical previous year. The e-filing system may refuse returns absent accounts and audit, making online filing impossible; in such circumstances filing is not mandatory and cannot be effected through the online portal, and the taxpayer should inform the jurisdictional assessing officer or adopt an accounting period that yields assessable income for the first return. en-us Tue, 17 Oct 2023 08:43:48 +0530 Tue, 17 Oct 2023 08:43:48 +0530 TaxTMI RSS Generator First return of income of newly incorporated company or firm for period from date of incorporation to 31st March of calendar year situation in which there is no income or loss and there is no source of income- mandatory provision to file ITR for each year by a company or firm. https://www.taxtmi.com/article/detailed?id=11967 Where a newly incorporated company or firm has not commenced business and has no source of income or transactions up to 31 March, the period does not generate assessable income or loss and may not constitute a practical previous year. The e-filing system may refuse returns absent accounts and audit, making online filing impossible; in such circumstances filing is not mandatory and cannot be effected through the online portal, and the taxpayer should inform the jurisdictional assessing officer or adopt an accounting period that yields assessable income for the first return. Articles Income Tax Tue, 17 Oct 2023 08:43:48 +0530 https://www.taxtmi.com/article/detailed?id=11967