Closure of business

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 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.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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.

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