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.
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