Hi
I started the business on april 2011. Am a proprietor.
So i want to file tax on my firm name.
S it is 2011-2012 or 2012 - 2013?
This month can i file tax?
Abhishek Sharma
(CA Final)
(78 Points)
Replied 14 May 2012
Sir,
Your business was started in April 2011, therefore the financial year you are concerned with is F.Y. 2011-2012 & the assessment of your business income/loss or tax payable by you can be made only after the completion of the F.Y. i.e. after 31.03.2011. Which means for F.Y. 2011-2012 Assessment Year is 2012-13.
Now coming to your query.. Yes you can get your accounts finalised and compute the tax payable on your taxable income (if any) & file your income tax return within the Year 2012-13. please note that the last date for filing regular return is 30.09.2012 & in audit cases its 31.07.2012 & after that it shall be a belated return.
Thanx
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