Not filing of it returns for f.y.11-12,f.y.12-13,f.y.13-14

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 December 2014 Hi Friends,

One of my friends has not filed ITR returns for last 3 years.He was a salaried person in f.y.11-12. He quit the job to start his own proprietorship business in the middle of the year. As his total income was below taxable income he did not file tax return for 11-12.
In f.y. 12-13 he started a new business and suffered a huge loss in the year and did not file the IT return.From some business transaction TDS deducted was around Rs.5000.
In f.y.13-14 , he changed the nature of activity in view of the losses suffered by him in previous activity and TDS deducted in this year is around Rs.50000.

In view of the above , please suggest 1.whether he should file IT returns for all these years now?
2.If yes,under which section for each year?
3.Whether the Assessing officer will allow carry forward of loss suffered in the year 12-13 to the next financial year keeping in mind that it was the first year of business operation in spite of non filing the return for the year till date.
4.Can he claim refund of TDS of 5000 as he has suffered loss for the year 12-13, as taxable income was nil.
5.In f.y. 13-14 , He has not changed the name of the business and is continuing the same VAT registrations for the newly started activity. He wants to change the name of the business now ,what formalities ,procedures should he follow now under diff. acts?
6.What will be the nature of queries raised by Assessing officer in this case?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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03 December 2014 1. can file for fy 13-14 onwards

2.sec 139(4)

3.no

4.yes

5.need to check in ur state vat act

6. need to check all types of income n exp and reasons for not filling itr for so many years

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Querist : Anonymous

Querist : Anonymous (Querist)

03 December 2014 1.Can all the returns be filed online now?
2. On what grounds the A.O. will accept the loss in the business and non filing of returns so far?

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CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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03 December 2014 1.only for 13-14 onwards u can
2.will not accept.................

Amol S Joglekar

Amol S Joglekar (Expert)
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03 December 2014 Online would be recomended.
File the returns for 2 years.
CPC may not even ask anything if the DATA captured by CPC is in line with what you return.