About construction business income

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lalit Ganesh Koshe (Querist)
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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)
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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.

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