close of business and winning of lottery
This query is : Resolved
13 September 2009
hello, suppose ram is studying and started a business as a part time business and filed income tax return for p.y. 2005-2006 and 2006-2007 (nil). now at the end of 2006-2007 he closed business. And continues study. And not filed income tax for p.y. 2007-2008 and 2008-2009 because of no income. And now in the p.y 2009-2010 he wins a lottery of rs. 10,00,000. So obviously he has to file income tax of the p.y 2009-2010. But what will be the procedure to file the income tax and what about the p.y 2007-2008, 2008-2009.
16 September 2009
its not mandatory to file return as its not taxable but if u want to than u can file d return with nil amount
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