What happens to a non-functioning private limited company if it fails to file an ITR?

For a Private Limited Company, the filing of income tax return is mandatory even if it is not functioning. Following are the consequences of non-filing of ITR:

• The Company will not be able to carry forward the business loss.

• the company cannot revise the return in future

• late filing penalty will be charged

• Company cannot ask for refund if during the year has paid excess Tax , if the company has failed to file ITR on time.

• Various benefits can be missed by the company which is given under Income Tax Act

• One may receive the notice from the Income Tax department

To avoid such penalties and losses one should file the income tax return within due dates.
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