| Question And Answer | |
|---|---|
| Subject: | ITR of Closed Company |
| Category: | Income-Tax |
| Querist: | Ramit Narayan |
| Answered by: | Research Team |
| Tags: | Closer of company, Company, return |
| Date: | November 27, 2023 |
The Company has closed its business and applied to ROC for its closure. The Company received the Closure Order. Company submitted application to Income Tax for PAN surrender and its activation. However no reply received from them for more than 2 years. Is it mandatory to file Income Tax Return even after application for PAN Surrender.
It is desirable to intimate in writing to the Income tax department ,specifying the date of closure of company also enclose the copy of the intimation received from the ROC . One has to verify whether all earlier assessments are completed and amount with the bank or receivable etc .have been distributed . If the company is closed in the middle of the financial year , the assessee may have to file the return till the date of the closure .
“If the company is closed in the middle of the financial year , the assessee may have to FILE THE RETURN (#) till the date of the closure.”
# ‘tax return’
To my mind, to the best of own knowledge, closure of a company can only mean the company’s name having been struck off by the ROC after following the prescribed procedure.
Under the old company law,anyone will find proper guidance HERE chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.in.kpmg.com/taxflashnews/KPMG-Flash-News-Nexus-Marketing-Pvt-Ltd.pdf
Under the new company law, the procedure , if remember right (check) remains changed !?
To ADD: For the procedure , etc., under the new company law, for the attendant implications, look through >https://taxguru.in/company-law/strike-off-company-name-rules-detailed-analysis.html
courtesy