Income tax

Yes, you can file directly return for A.Y. 2016-17

Naturally, when the taxable limit was not exceeded in those years, ITR filling was not mandatory.

 

better is to file for all possible years being AY 15 -16 is also possible. though no penalties as such but since its a business income it is better to file.

also the above persists if business is proprietory in nature.
if the same is partnership/llp/company returns are mandatory.

Thanks
CA Fenil Doshi

HI i have sold a flat "A" with capital gains of 44 lacs & i am buying flat "B" for 1.1 cr by using that gains. Now flat "B" is of stamp duty value 1.35 cr so i am buying it below that rate so will that difference be added to my taxable income or adjusted against my capital gains that is used for buying flat "B". If its added to income from other sources than how will be i taxed? Thanks in advance

@ Parag Tita

As per section 56(2)(vii), the differnce of value, 25 lakhs here, will be added to your income as income from other sources and taxed as per slab rate.

Thank u very much for your reply. I appreciate you help very much

 

Dear Ravi,

 

kindlu file the return for all possible years (i.e for 15-16 and 16-17) 

 

Originally posted by : Ravi kiran yadav

Gud eve sir/madam

one of our uncle running commercial vehicle started on AY 10-11 and filled his return up to 12-13. now the thing is he has not been filled subsequent years because of hire charges received below the Income Tax slab now for the AT 16-17 he is willing to file his return shall i straight away file for the AY 16-17 bY eleminating the IT Returns from 13-15

 

In my opinion too you should file the Return for all the years.

Thank u madam

you can file the returns for AY 2015-16 & AY: 2016-17 

You can only file the returns of Other Assesement years only whether any notice is being raised by IT Dept., we have to file the return in reply to the notice.