UNKNOWN (PROPRIETOR) (78 Points)
20 April 2012Dear All
Am running a proprietorship company started on APIRIL 2011. My business last year was not successful. But i want to file tax for 2011-2012. So can i show even loss in that ITR? Also am crediting salary of 25000 rupees on my wife name every month. Now i applied for TAN to give FORM 16 to her as a EMPLOYER. She need FORM 16 to apply HOME LOAN. So my doubt is if show loss in my company ITR ...Does it affects my wife form 16? Also 2011-2012 when to file tax? Please clear my doubts.
Thanks
CA Ankit Totla
(Practicing Chartered Accountant)
(469 Points)
Replied 20 April 2012
jayakanth,
firstly, business loss would have no effect on the form 16 of your wife.
Secondly and more importantly, mere showing salary even by bank entries is not enough. See that clubbing provisions are not applicable.
CA Ankit Totla
(Practicing Chartered Accountant)
(469 Points)
Replied 20 April 2012
returns u/s 139 (1) would be due on 31st july and if your turnover exceeds Rs. 1 crore, the due date would be 30th september
UNKNOWN
(PROPRIETOR)
(78 Points)
Replied 21 April 2012
Thank you friend
So as you said i have to club my wife income in my name only. So i think i can show that as income and file tax. My only intension is form 16 of my wife should not get affected for home loan. Second my pan number will reflect in form 16...but i can manage.
Raman Aggarwal
(Expert)
(363 Points)
Replied 22 April 2012
| Originally posted by : CA Ankit Totla | ||
 |
returns u/s 139 (1) would be due on 31st july and if your turnover exceeds Rs. 1 crore, the due date would be 30th september |
 |
Sir, it will be applicable from financial year 2012-13 not for 2011-12
CAclubindia
