Dear Friends,
BASIC INFORMATION TO UNDERSTAND SITUATION.
My Client, a partnership firm ( having 2 partners), recently had received an Income Tax Notice Regarding Furnishing Return & Information.
My Client had filled last Income Tax Return for A.Y. 2005-06, till today they have not filled any Returns.
They do not have any income beyond the Tax Limit, also they did not made any Bank Transactions.
Both the Partners had regularly filed their Personal Income Tax Returns without stating any income from this firm.
NOTICE RECEIVED As Under:
Department does not mentioned any section therein.
Subject: Furnishing of Information in Respect of Returns filed -reg.
Please refer to the above.
1) As per the records available with this office, your PAN is ______. However, it is seen that you have not filed any returns of Income till date.
2) You are therefore, requested to please give the reasons within 10 days from the receipt of this letter as to why the same have not been filed till date.
3) It the returns for AY 2011-12 & 2012-13 are required to be filled the same may please be filed immediately.
4) Your co-operation in this matter will be highly appreciated.
____________________________________________________________
Now Questions are:
What should be the answer for non-filing of past returns? any penalty may be imposed?
Please Give the best excuse for non-filing of return to be given
If Client files returns of AY 2011-12 & 2012-13, should it be filed or not?
Any Suggestions?
Please tell me the perfect steps to be taken in this regard.
Thank You in Advance
CAclubindia
