Please Help Urgent

357 views 2 replies

Shaikh Imran

Accountant

102 Points Joined March 2008

Dear Member's

Assessee was in to a business of Transportion during the financial year 2008-09.

1 - He forgot to file IT returns for the FY's 2006-07 & 2007-08... So is there any chances to file those returns.

2 - The returns for the FYr 2008-09 is also yet to be filed and as on 31st March 2009 there was no tax libility becoz TDS were already deducted. So Whether he can file his returns now.

3 - He bought one Transport vehicle for Business purpose on Loan during the FY 2008-09. so whether can he claim in his income and expenditure account interest paid on loan. If yes than what is the criteria.

Eagerly waiting for you valuable advices. Please Help.......

Thanks in advance..

Have a Good day to all.

Shaikh Imran

skimran2007 @ gmail.com

Replies (2)

Ankit Jain

Article (Final)

110 Points Joined August 2010

1. you can not file return for year 2006-07 and 2007-08

2. you can file return for year 2008-09 now

3. you can claim interest on loan if you are maintaining books of account as per section 44AA and not availing the presumptive tax rate for taxbility.

Shaikh Imran

Accountant

102 Points Joined March 2008

hi Ankit.

thanks a lot for ur prompt reply. The assessee is not maitaning books of accounts as he is small transporter his turnover also not more than 6.5 lacs on that too can't he claim intrest paid on loan.

Please reply......

Thanks