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
- ITR 2 Short Term gain & Long term gain
- Reporting Income under Section 44ADA
- Off Market debit and credit transaction
- Itr 1 processing
- Building and other construction workers welfare cess act 1996
- Bank Accounts in Balance Sheet for ITR 3
- ITR validation error - Balance sheet is not filled
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR 1: Details for showing Exempt Income
- ITR returnFY25-26
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Annual return of gst limit
- Delisted shares sold in off market/ Rebate u/s87A
- Error whiling application of GST REFUND (ANNEXURE B)
- While filing GSTR9 accountant couldn't entered the ITC values in Table 6, in 9C it is not accepting
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
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
