About construction business income

This query is : Resolved

lalit Ganesh Koshe (Querist)
Follow

07 June 2012 Mr.A has construction business,he started the same on November 2010.up till now he has not filed his return.so in this case whether he is required to file both the returns AY 2011-12 and 2012-13?he has only taken advances from the customer as building has not been completed but total expenses have been booked so how one should proceed to calculate his total income?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

07 June 2012 He is required to file a return only if his total income exceeds the exemption limit.

Further, return for AY 11-12 can be filed upto 31.03.2013. However, penalty of Rs. 5,000 may be levied for delayed filing of return.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok