15 March 2012
A person having sales of Rs.20 Lacs has a loss of Rs.2 Lacs for the AY 11-12..
He can either show a profit of Rs.1.6 Lacs (8% of 20 Lacs)or get his accounts audited and claim the actual loss.. This loss will be set off against other business incomes he has.. His net income after set off of this loss will be Rs.3 Lacs..
Query : For AY 11-12, can this person file the return today.. This will be a belated return.. Will it attract any fines/penalties ?? If yes, then how much ??
15 March 2012
Thank you sir.. Could you please provide me some case law/ board circular/ bare act text to support your views.. I'm planning to file the return before 31.03.2012..
CAclubindia
