Filing returns for huf

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anant (Querist)

07 January 2014 Sirs,
Assessee has HUF pan no and bank account since 2007 but he has never filed returns till date as he has only agricultu ral income and gift income from HUF members only.( He also has ancestral immovable property). But the HUF has been using the above income in trading in the share market and the profits/income has been much below the exemption limit/slab always.
However, now the assesse wants to file belated returns for his HUF for 2011-12 and 2012-13 as the income is above the exemption limit. My question is

FROM HOW MANY YEARS BACK SHOULD HE ASK HIS TAX CONSULATANT TO PREPARE HIS BALANCE SHEET TO BE ON THE COMPLETELY SAFER SIDE TO AVOID ANY TYPE OF TAX COMPLICATIONS?

KINDLY ADVICE
THANKS

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)

07 January 2014 As per the ptovisions of section 139(4), belated returns may be filed within one year from the end of the relevant AY. In your case belated return cannot be filed for AY 2011-12 now, since the specified period expired on 31 March, 2013, i.e. one year after the expiry of the assessment year 2011-12. You may however file belated return for AY 2012-13 till 31 March, 2014.

anant

anant (Querist)

07 January 2014 Dear Sir,
I was referring to FY 2011-12 and 2012-13 in my query. However my query actually was as follows
From which Financial year should the assesse get the balancesheet of his HUF prepared by his CA in order to avoid any future tax complications? FY2007-08 or FY2011-12?
Thanks in advance

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