04 December 2010
my friend has 4 lorries he runs it on hire,he is not yet file any returns to income tax department! now he wants to file returns for last 2 years with NIL return, for the financial year 2010-11 he wanted to pay tax as per his turnover. Is it possible to NIL Return for last 2 years (i.e without paying any tax is it possible to file return)?
04 December 2010
Ofcoarse, i mean, though tax iis nill.., he can or rather should file return every year., in the year of loss as well... He can very easily file it now.., mind it., last date for filing return of AY 08-09 he can file upto 31.03.11.., not of any return belonging to older than such AY, i.e. AY 07-08 or older he cannot file now...
04 December 2010
Hi Saikiran 2010-11 is FY you have profit ,Last two years Nil .Why ? Lorries business have initally high profit & you are showing nil.1st see the compution,Check the details before filling & file.
05 December 2010
In case of business of running goods carriages on hire or lease basis, as your friend is doing , Section 44AE, is a wonderful section in which Income is calculated on presumptive basis. In Case of Heavy Vehicle 3500/- p.m. and in case of other than heavy vehicles 3150/- p.m. income is taken for tax purpose. up to AY 2010-11. You have to ascertain that who is the owner of lorries, whether these are trucks or LMVs, and date from when your friend became the owner of it.
05 December 2010
For F Y 2010-11 (AY 2011-12 will be applicable) and for 1 Heavy Vehicle Rs.5000/pm and for 1 other than heavy vehicle Rs 4500/ pm (part of the month to be taken as full month) income has to be shown.
CAclubindia
