Itr

This query is : Resolved

Padam Singh (Querist)
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10 October 2013 Dear Expert,

can individual submit the ITR for last 3 years. (other than salary).

if it will be taxable, how do we reduce the taxable income (deduction or PL).

Pls pls suggest accordingly.....urgent.

Thanks

Nikhil Kaushik

Nikhil Kaushik (Expert)
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10 October 2013 in normal course, you can file for last two years. however there are provisions for filing returns for earlier years too.

with regards to reducing tax liabilities, claim all the legitimate business expense. prepare a proper P&l to arrive at your taxable income.

Padam Singh

Padam Singh (Querist)
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10 October 2013 Thanks dear expert. if the business promoted by two partner.

what kind expenses can be consider for PL.

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CS RAJESH C.CHOUDHARY

CS RAJESH C.CHOUDHARY (Expert)
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10 October 2013 Yes you can return file for the Two year.

Electricity Expenses, Rent expenses, printing & Stationery, Professional Fees,
Interest Charges, Bank Charges, Conveyance, Other General Expenses.