if a new assesse wants to file three years of returns at a time to build up capital for bank loan purposes ......etc,,,. is it valid
CA Krishna Chaitanya M (Chartered Accountant) (463 Points)
23 August 2010if a new assesse wants to file three years of returns at a time to build up capital for bank loan purposes ......etc,,,. is it valid
Manoj BG
(Tax Professional and in Service)
(1795 Points)
Replied 23 August 2010
HI DEAR,
PRACTICALLY, INCOME TAX DEPT ACCEPTING IT RETURN FOR MAXIMUM OF 2 YEARS INCLUDING CURRENT PREVIOUS YEAR. SECONDLY, BANK DOESN'T HAVE ANY PROBLEM IN ACCEPTING SUCH A THREE YEARS OF RETURN. BUT THE RETURN FILES FOR 2-3 YEARS ON ONE DAY WOULD BE ADDITIONALY SCRUTINISED FOR AUTHENTICITY OF INCOME FIGURES SPECIFIED IN THOSE RETURN. IT WOULD NOT CREATE ANY PROBLEM, IF U HAVE THE PROPER SUPPORTING FOR THE INCOME GENERATION SPACIALLY BANK ENTRIES IN PASS BOOK, IT WOULD NOT CREATE ANY PROBLEM.
REGARDS,
MANOJ
Dheeraj
(Learner)
(1100 Points)
Replied 23 August 2010
| Originally posted by : Manoj B. Gavali | ||
 |
HI DEAR, PRACTICALLY, INCOME TAX DEPT ACCEPTING IT RETURN FOR MAXIMUM OF 2 YEARS INCLUDING CURRENT PREVIOUS YEAR. SECONDLY, BANK DOESN'T HAVE ANY PROBLEM IN ACCEPTING SUCH A THREE YEARS OF RETURN. BUT THE RETURN FILES FOR 2-3 YEARS ON ONE DAY WOULD BE ADDITIONALY SCRUTINISED FOR AUTHENTICITY OF INCOME FIGURES SPECIFIED IN THOSE RETURN. IT WOULD NOT CREATE ANY PROBLEM, IF U HAVE THE PROPER SUPPORTING FOR THE INCOME GENERATION SPACIALLY BANK ENTRIES IN PASS BOOK, IT WOULD NOT CREATE ANY PROBLEM. REGARDS, MANOJ |
 |
vkbothra
(Learning )
(690 Points)
Replied 23 August 2010
Would like to tell you, bank dont accepts returns filled on the same date, they wants returns filled in the gap of 6 months.
;)
Live Course on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance
CAclubindia
