Filing of returms necessary??
This query is : Resolved
22 June 2011
Assessee s a partnership firm.In 2001-02 debtors were written off. But a suit was insisted on the debtors. Returns are filed till AY 2005-06. From then no returns are filed...
Now the assessee has won the suit and recovered the amount from the parties in FY 2011-12.
The assessee is ready to return those amounts to parties instead file returns. Is this correct??
Now the assessee has won the suit and recovered the amount from the parties in FY 2011-12.
The assessee is ready to return those amounts to parties instead file returns. Is this correct??
22 June 2011
The money received will be the income of the year in which amount is received.
23 June 2011
Hoe can the firm refund the money after winning the suit. There should be a justification.
24 June 2011
so the assessee must file returns only for the currewnt yr in which it has income ryt??
24 June 2011
For partnership firm filing of return is mandatory every year.
27 June 2011
one last doubt sir, since the firm has not filed returns for so many yrs, are they required to file returns of all the years nw?? is it possible??
27 June 2011
File returns for AY 10-11 and AY 11-12 now.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- GST ON EXPORT COMMISSION
- Should I report my US salary for January, February, March in Schedule FA?
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Tds on building rent monthly
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
