Closure of business
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 March 2012
Proprietorship business closed in P.Y 2009-10 but returns have not been filed till date.Since no tax to be paid will be filed by 31st march,2012.
Returns for the previous years have been filed using ITR-4.
Kindly let me know if it is Ok to file the returns for such closure now i.e.by 31st March,2012 for the A.Y. 2010-11 without informing the IT officials? Are there any other formalities to be done for business closure?
For the subsequent year of closure i.e.P.Y.2010-11, no income was earned through business or service except from capital gain. In such a case,can returns be filed for such individual using form relevant for such income?I mean before this income was through proprietorship and now since its closed for the next year onwards different form can be used without informing the IT authorities?
I hope I have made myself clear.Kindly treat this as urgent and please help!!!
Thanks.
Returns for the previous years have been filed using ITR-4.
Kindly let me know if it is Ok to file the returns for such closure now i.e.by 31st March,2012 for the A.Y. 2010-11 without informing the IT officials? Are there any other formalities to be done for business closure?
For the subsequent year of closure i.e.P.Y.2010-11, no income was earned through business or service except from capital gain. In such a case,can returns be filed for such individual using form relevant for such income?I mean before this income was through proprietorship and now since its closed for the next year onwards different form can be used without informing the IT authorities?
I hope I have made myself clear.Kindly treat this as urgent and please help!!!
Thanks.
04 April 2012
There is no problem in filing returns.
Further, no intimation needs to be given to the department for changing the forms.
If the assessee is not having business income he will use ITR 2.
Further, no intimation needs to be given to the department for changing the forms.
If the assessee is not having business income he will use ITR 2.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Taxable or Tax exempt
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- TDS Deducted AY-2013-14 Not Reflected in 26as
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- ADVANCE PAYMENT OF ADVOCATE
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- NRI starting business in India
- Condonation . E-Verification of last year return .
- GST not cancelled by tenant
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
