28 February 2012
Hello CCI members.. i want to open my income tax file... i m doing business from last 10 years and i hv'nt file any return in those yrs.. though i get my pan no. only 3yrs ago..fromthis yrs i want to open my file and filing of return too.. i hv.nt prepare any financial statements for those yrs,bcoz my income was not in the net of tax in those yrs...today i hv assets of worth rs. 15 lac how should i prepare my b/s and file my return...if i will show all assets in this year then it will attract taxation or not???and whch return no. i should file???/pls clearfy my matters... very very thnaks in advance..
28 February 2012
The income tax return can be filed for the current year onwards.. as to your previous income and assets etc.. you could prepare a opening balance sheet say you have mentioned that u have assets of 15 lakhs and correspondingly credit the capital account.. no penal consequences should you income for a year has not exceeded the taxable limits.. and you can file your return in ITR 4 since u mentioned that you are doing business...
CAclubindia
