Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

Filing Return from 2012-13?

Ashim kr Ray (social service) (1695 Points)

01 December 2016

Sir Sir, A person has file return til FY 2012-2013,now he want to updated what to do?As he cannot make IT return for FY 2013-2014.It will be ok if he drop Fy 2013--2014 and makes start from Fy 2014-2015 & FY 2015-2016.

Reply
Follow
Share

5 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177852 Points)
Replied 01 December 2016

"he cannot make IT return for FY 2013-2014"

He can file return for Ass Yr. 2014-15, if there is any refund due.

"It will be ok if he drop Fy 2013--2014 and makes start from Fy 2014-2015 & FY 2015-2016."

Yes No problem.

Upgrade to CAclubindia Pro. Subscribe Now!

Ashim kr Ray (social service) (1695 Points)
Replied 01 December 2016

Sir,

Can i show all closing balance of PL ,capital AC for Fy2012-2013, as an opening balance of Fy 2014-2015.As i have to drop Fy 2013-2014 .or is there any other way is there.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177852 Points)
Replied 01 December 2016

"Can i show all closing balance of PL ,capital AC for Fy2012-2013, as an opening balance of Fy 2014-2015"

Not at all. Was there no activity during year FY 2013-14?

If possible take actual value, or estimate some projected value (possibly taxable income below exempted limit) for that year and proceed.

1 Like

Ashim kr Ray (social service) (1695 Points)
Replied 01 December 2016

Sir,

one more thing if a person avail the benefit of 10(26) on his NET income of business.Does he can avial the same benefit for income from Bank Interest,and other Interest Also.