01 March 2015
One of my relative has been doing unregistered Handloom Business since 4 years. He has a C/A (PAN given) in the name of that firm. The transactions in that account are very fluctuating but in lakhs say 10L-20L a month. He hasn't filed IT returns till date. Now my question is that Is there any problem in this regard? Experts kindly help me out with a solution. Thank You.
01 March 2015
Work out the profit and pay the taxes and file the return before March for the past 2 years. Non filing of return and non payment of tax will land you in payment of interest and penalty.
CAclubindia
