02 May 2016
THE ORIGINAL ASSESSEE WAS EXPIRED ON 08/11/2014, UPTO THAT PERIOD THE BUSINESS TRANSACTIONS WERE DONE BY HIM, AFTER 09/11/2014 TILL 31/03/2015 THE ASSESSEE SPOUSE HAD UNDERTAKEN THE BUSINESS RESPONSIBILITY. THE ASSESSEE'S SPOUSE HAD REGISTERED AS LEGAL HEIR IN THE INCOME TAX DEPARTMENT, AND HAS BEEN APPROVED. FOR THE ASST YEAR 2015-16 THE RETURN OF INCOME IS YET TO BE FILED. THE QUERY IS WHETHER TWO PERIOD PROFIT & LOSS ACCOUNT AND BALANCE SHEET SEPARATELY. WHETHER TWO RETURN OF INCOME ITR'S TO BE FILED OR TWO SEPARATE PERIOD OF PROFIT & LOSS ACCOUNT AND BALANCE SHEET AND ONE COMPUTATION FOR BOTH THE PERIOD TO BE FILED.
02 May 2016
Income tax is always assessable during the assessment year for the income earned during the previous year (PY). In such case you need to prepare two separate financials for each PY, returns of income for each PY and file the same.
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