if a new assesse wants to file three years of returns at a time to build up capital for bank loan purposes ......etc,,,. is it valid
3 Replies
Manoj BG
(Tax Professional and in Service)
(1795 Points)
Replied 23 August 2010
HI DEAR,
PRACTICALLY, INCOME TAX DEPT ACCEPTING IT RETURN FOR MAXIMUM OF 2 YEARS INCLUDING CURRENT PREVIOUS YEAR. SECONDLY, BANK DOESN'T HAVE ANY PROBLEM IN ACCEPTING SUCH A THREE YEARS OF RETURN. BUT THE RETURN FILES FOR 2-3 YEARS ON ONE DAY WOULD BE ADDITIONALY SCRUTINISED FOR AUTHENTICITY OF INCOME FIGURES SPECIFIED IN THOSE RETURN. IT WOULD NOT CREATE ANY PROBLEM, IF U HAVE THE PROPER SUPPORTING FOR THE INCOME GENERATION SPACIALLY BANK ENTRIES IN PASS BOOK, IT WOULD NOT CREATE ANY PROBLEM.
REGARDS,
MANOJ
Dheeraj
(Learner)
(1100 Points)
Replied 23 August 2010
| Originally posted by : Manoj B. Gavali | ||
 |
HI DEAR, PRACTICALLY, INCOME TAX DEPT ACCEPTING IT RETURN FOR MAXIMUM OF 2 YEARS INCLUDING CURRENT PREVIOUS YEAR. SECONDLY, BANK DOESN'T HAVE ANY PROBLEM IN ACCEPTING SUCH A THREE YEARS OF RETURN. BUT THE RETURN FILES FOR 2-3 YEARS ON ONE DAY WOULD BE ADDITIONALY SCRUTINISED FOR AUTHENTICITY OF INCOME FIGURES SPECIFIED IN THOSE RETURN. IT WOULD NOT CREATE ANY PROBLEM, IF U HAVE THE PROPER SUPPORTING FOR THE INCOME GENERATION SPACIALLY BANK ENTRIES IN PASS BOOK, IT WOULD NOT CREATE ANY PROBLEM. REGARDS, MANOJ |
 |
Agreed with Mr. MANOJ
vkbothra
(Learning )
(690 Points)
Replied 23 August 2010
Would like to tell you, bank dont accepts returns filled on the same date, they wants returns filled in the gap of 6 months.
;)
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