close Change the way you learn with CCI Online Coaching   view more

Please Wait ..

Sign-in to your account


Username:
Password:

Remember Me

Forgot your password?

Sign-up now



Join CAclubindia.com and Share your Knowledge. Registered members get a chance to interact at Forum, Ask Query, Comment etc.


Discussion > Income Tax > Others >

Can i income tax return file for last five year in this year

    Post New Topic
Pages : 1





manager

[ Scorecard : 39]
Posted On 30 June 2012 at 22:36 Report Abuse

Dear Sir
I have some question about My Income tax return file Becouse i want bank house loan and bank is asking Income tax return file last five year.

1. I take pan card No. on year 2009
    2. Till Date i not income tax return file due to my income is not taxable up to 31.03.2011

         3. I married on Jan 2007 and that time i got  aproximate 28 lac cash gift and 20grm Glod items and 8-9Kg silver items from my relative and friends on marrige Reseption day throw all my friends,relative more than 700-800 member and i recived blesing with my faimaly and my spouse faimly with cash gift as per Hindu marrige custom after marrige giveing by faimly and friends. when i ask to charted accountant he say marrige gift is tax free so you not requier Tax return file.and i not file.

4. I recived Cash gift by my Uncle( Father's brother) Rs. 951000/- on year 2005.
5. I received cash gift from my mother-in-law Rs. 1100000/- on the time of my doughter birth time.                                                                                            

  6. Year 2007 i recived cash gift from my father&mother Rs. 25lac.                                            

  7. i start lease-licence base agriculture work 45Bigha land and i got 22lac loss in two year for the year 2008-09/200910 .      

8. This year i start business and i pay 10lac advance tax. 9. I want to income tax return file for last 5year from 2007-08 to 2011-12 how to i file pl. advise me.



NISHANT SINGH
senior accountant

[ Scorecard : 49]
Posted On 30 June 2012 at 23:33

As per my knowledge you can not file return for ay 07-08 to 10-11.you can file return for ay 11-12 upto 31.03.13.belated return can be filed upto 1 year from the end of any ay or before completion of assessment,whichever is earlier.



NISHANT SINGH
senior accountant

[ Scorecard : 49]
Posted On 30 June 2012 at 23:38

Loss under business can not be carried forward if return is filed late.Your due date is 31 july.so loss upto 11-12 can not be carried forward.


sanjay
Article assistant

[ Scorecard : 94]
Posted On 30 June 2012 at 23:43

u can file belated return for last year and   current year ......becoz  belated return can be file within one year  from the end of relevant assessment year......

And the cash gift u received on your marriage reception is exempted from tax...hence no need to pay tax on it...



NISHANT SINGH
senior accountant

[ Scorecard : 49]
Posted On 30 June 2012 at 23:49

Thanvi one section is 56(2)(vii), IF AN INDIVIDUAL OR HUF ON OR AFTER 1.10.09 RECEIVES CASH GIFT AGGREGATING 50000 OR MORE .THE WHOLE AMT. IS TRETED AS HIS INCOME.BUT THIS SEC.IS NOT APPLICABLE IF GIFT IS RECEIVED FROM ANY RELATIVE OR ON HIS MARRIAGE


NISHANT SINGH
senior accountant

[ Scorecard : 49]
Posted On 30 June 2012 at 23:51

Sec 56(2)(vii) is not attracted to you.

There are 5 Replies to this message






Related Files








Related Threads


Post your reply for Can i income tax return file for last five year in this year



Your are not logged in . Please login to post replies

Click here to login


Not a member yet ?? Click here to signup

Message







    

  • Use thank button to convey your appreciation.
  • Maintain professionalism while posting and replying to topics.
  • Try to add value with your each post.