Filing of Income tax return
This query is : Resolved
Shankar Rao
(Querist)
17 February 2011
Dear all
a Firm has stoped its business activity during F Y 2007-08 ( No transaction during F Y 2007-08) Now the Income tax officer Issued notice under section 142 requiring us to file return of Income for the asst Year 2009-10.
1) what will be the Concequenses if we filed the return of income for the Asst Year2009-10 in responce to notice U/s 142 ( for Asst. year 2008-09 also we have not filed the return of Income)
a Firm has stoped its business activity during F Y 2007-08 ( No transaction during F Y 2007-08) Now the Income tax officer Issued notice under section 142 requiring us to file return of Income for the asst Year 2009-10.
1) what will be the Concequenses if we filed the return of income for the Asst Year2009-10 in responce to notice U/s 142 ( for Asst. year 2008-09 also we have not filed the return of Income)
CA PARAS BAFNA
(Expert)
17 February 2011
In case the activities are closed then furnish a Nil Return, without filing any Profit & Loss A/c with it.
*
Debit all the small expenses, if any to partners' capital accounts in their sharing ratio.
*
Prepare a return for AY 2009-10, and submit it in response to the notice served.
*
Clarify the position as regards why the returns had not been filed, by writing a letter addressing to the AO concerned alongwith the Acknowledgement.
*
Debit all the small expenses, if any to partners' capital accounts in their sharing ratio.
*
Prepare a return for AY 2009-10, and submit it in response to the notice served.
*
Clarify the position as regards why the returns had not been filed, by writing a letter addressing to the AO concerned alongwith the Acknowledgement.
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