Opening balance capital

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 December 2011 Sir
I am not file incometax return before 3 Years .I want my capital opening balance current year return 95lacs .This is possible please give me answer.

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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09 December 2011 i beleive that u are filing return for last three years
am i right
pl tell me
CA MANOJ GUPTA
JODHPUR
09828510543

Querist : Anonymous

Querist : Anonymous (Querist)

09 December 2011 I am not file i.t. return but this A.Y. I want my opening balace capital a/c 95lacs .What is the procidure.

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CS, Deepak Pratap Singh

CS, Deepak Pratap Singh (Expert)
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10 December 2011 Dear friend, It is mandatory to file income tax returns as according to the provisions of Income Tax Act, 1961 to carry forward your details from earlier years. Since your capital accounts balance is large and you have not filed returns them department will impose fine on you for non compliance of provisions.You have to file returns for previous two years and then carry forward your capital account balance.