Ad Free CAclubindia and Daily Updates on your Mobile. Subscribe Now!

Non-Filing of ITR

Ashish Jain (Student) (191 Points)

06 December 2018

One of my clients has effected a turnover of ₹.81L in F.Y.:2014-15. Nett Profit for the period arrives at ₹.6,50,000.00, but he has not filed ITR. Further there is also an online compliance showing cash transactions exceeding ₹.10L during the same period. Now he will be filing ITR for the first time for the F.Y.:2017-18. So Experts please guide me with a solution to this issue. Thank You.

Reply
Follow
Share

3 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177741 Points)
Replied 06 December 2018

1. The complience of 10 lakhs cash deposits/transactions is required to be solved, independently. ITR for AY 2015-16 cannot be filed now.

2. Yes, you may file ITR for AY 2018-19, with late fees. Check for audit complience.

1 Like

Upgrade to CAclubindia Pro. Subscribe Now!

Ashish Jain (Student) (191 Points)
Replied 06 December 2018

Sir,
Is there any issue if I don't respond to the compliance?

Puja Sharma (CA) (433 Points)
Replied 06 December 2018

1. ITR for FY 17-18 to be filed with late fees. Please check if the

a. Turnover is more than Rs. 1 crores;

b. Turnover is less than 2 Crores(if 44AD is applicable) and profit is less than 8%

then Audit was required.

2. The non compliance for the earlier periods cannot be complied now. But it will be good if you prepare b.sheets for all these periods and keep them ready. In case you receive form AO then you can file your returns.

3. Compliance in relation to Rs. 10 Lakhs cash deposit may be comlied now.

2 Like