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UNKNOWN (PROPRIETOR) (78 Points)

14 May 2012

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?

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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