sreenivas reddy (charteredaccountant) (91 Points)
18 February 2011person gets funds from NRE account to his bank account.He purchases the plots on behalf of them,then do construction and sell on behalf of them.person given power of attorney.How to prepare accounts to him and file return.
His Bank account shows crores of rupees which were transferred by nri.What are the consequences if he wants to file return for the year 2008-09,2009-10,and 2010-11.
CMA.Subhabrata Pramanik
(Cost Accountant)
(69 Points)
Replied 18 February 2011
I suppose, make a builder/Developer contract and prepare accounts accordingly.
For ITR, 2008-09 & 2009-10 attract non-filing penalty as well as penalty for late submission of Tax Audit report other than interest as applicable. For ITR 2010-11 also attract penalty for late submission of Tax Audit report other than interest as applicable.
CAclubindia
