Section 116C: Declaration by company not in operation

116C. Declaration by company not in operation (1) Where a company – (a) has not started business; or (b) ceased business, and has not derived any income in an income year, it shall submit a declaration in a form approved by the Director-General within 3 months after the expiry of that income year. (2) Subsection (1) shall not apply to – (a) a company holding a Category 1 Global Business Licence under the Financial Services Act; and (b) a trust. (3) Where a company submits a declaration under subsection (1) for an income year, it shall not be required to submit a return under section 116(1) in respect of that year. (q) in section 121, in subsection (1A), by inserting, after the words “10 million rupees”, the words “or an individual who is not in business”; (r) in section 122, in subsection (1A), by inserting, after the words “10 million rupees”, the words “or an individual who is not in business”; Acts 2016 237 (s) by inserting, after section 122D, the following new section – 122DA.Penalty for loss over claimed (1) Where a person has claimed a loss in excess of the actual loss incurred or brought forward, he shall be liable to a penalty of up to 5 per cent of the loss overclaimed. (2) Any penalty charged under subsection (1) shall be offset against the amount of loss to be carried forward, where applicable. (t) in section 123A – (i) i n subsection (1), by inserting, after the words “Notwithstanding this Act,”, the words “and subject to sections 127 and 130”; (ii) i n subsection (2), by deleting the word “fraud” and replacing it by the words “fraud or non-submission of return by a person liable to tax”; (u) by inserting, after section 123B, the following new section –