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Filing of income tax return
My client is going to a bank loan for 10 lakhs. Now the bank manager is asking for it return s of previous 3 years. The address has an yearly lease income of 2,50,00
From an agricultural land in which aquacultural operations are done. How should I disclose this income in the it return. Plz specify under which head this income should be disclosed and which form of itr to be used for filing the return. And finally can I file returns for A.Y 2012_13, 2013_14, 2014_15. Electronically. Is there any penal provision's applicable for late filing of returns.
Replies (1)
1) You Will Not Able To File Income Tax Return For AY 2012-13.
2) There Shoul Be Need Minimum 6 Months Gape In Filing Income Tax Return While Applying Bank Loan. You Can File Both The Return On Single Day Bank Will Not Accept It
3) You Have To Calculate Your EMI and According To Show The Total Income Including 33% Safety Margin Adding In Total Income.
4) Income Out of Lease Land Show In Income From Other Sources.
5) You Can Provisional Balance Sheet For This Year
6) Penal Provision For Filing Income Tax Return For AY 2013-14 And AY 2014-15 Depend Upon Your Tax Liability. Just Calculate Interest Under Section 234A, 234B And 234C Accordingly
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