I've been filing my Income Tax Return from last 4-5 years but income is under 2.5 lakh all these years and total proprietor's capital is around 6-7 lakh.
It's business income non-gst and turnover is less than 20 lakh.
So, if I skip return filing for say 2 years will I able to add my income for 2 years in which I didn't filled my return?
say FY20-21 & FY21-22 I didn't filled return and in FY22-23 I filled return and in 20-21 & 21-22 my income is 1.5lakh+1.5lakh will I able to add this in 22-23?
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Income Tax Return Not Filing for under 2.5 lakh
Replies (3)
No, u cannot add ur previous years income in Current Year
So, proprietor's capital will be 6-7 lakh as it is and only income of 22-23 will be added.
U can prepare Financial statements of previous years......and can take correct financial position as on date.........and prepare Financial statements of Current Year and show it
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