Filling of return

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 December 2012 For fy 5-6 and 6-7 I showed my income from chemist shop business which was below taxable limit. After that till today I am showing my income from insurance commission only which is again below the taxable limit in all those years. But during these years also I had income from my chemist shop. For fy 11-12 also I showed income from commission only. But now I want to revise the return for fy 11-12 and show my shop income also. Should I do so? Is there any chance for scrutiny assessment?

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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27 December 2012 In case if you file your original return of income u/s139(1) then you can file revise return and it is valid. other wise it is invalid. And as per my knowledge there is very low chances to select for scrutiny(due to filing of revised return scrutiny shall not make).

OM SAI SRI SAI JAI JAI SAI

Querist : Anonymous

Querist : Anonymous (Querist)

27 December 2012 But sir, for few years I showed income from business then from commission and now again I am showing income from same business. Will the authorities not raise question that what happened to my shop during these years.

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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27 December 2012 They may not ask but if you have any public turnover from your shop then you will face problems. and one more thing in case the current year selected for scrutiny and the Ao shall go for back years then only the question raises.

First clarify me actually is you have chemist business for the previous years and all the licenses and purchases & sales etc.. are in public i.e filing of sales tax returns etc.... and all the licenses are in force for such period also.

OM SAI SRI SAI JAI JAI SAI

Querist : Anonymous

Querist : Anonymous (Querist)

27 December 2012 I am a small chemist and my turnover is below the limit of vat, hence not registered for vat. I own the shop from continues period since fy 5-6. During the years since 5-6 till today,i have regular income from shop but it is below taxable limit in each year. The problem is that , lastly I showed shop income in year 5-6 and 6-7.now I want to ask that will I be safe if I revise the return of fy11-12 and show shop income also.

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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28 December 2012 So your's chemist shop turnover not in public in the previous years. So don't worry now you can show it and file revised return in case of any enquiry or questions from AO or others just say no business during that years.

OM SAI SRI SAI JAI JAI SAI

Querist : Anonymous

Querist : Anonymous (Querist)

30 December 2012 And for the balances of balance sheet. Should I CARRY forward the balances of fy 6-7 ?

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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02 January 2013 Yes, You can Carry forward. In case of any depreciated assests then consider WDV value as on 31-3-2011 and the difference amount i.e WDV on 31-3-2007 and 31-3-2011 is charge to Capital account.

OM SAI SRI SAI JAI JAI SAI

Querist : Anonymous

Querist : Anonymous (Querist)

02 January 2013 Thank you very much for all your replies. One last question. Should I carry forward the capital balance of year 6-7. And should I show the opening stock as nil.

Querist : Anonymous

Querist : Anonymous (Querist)

02 January 2013 Thank you very much for all your replies. One last question. Should I carry forward the capital balance of year 6-7. And should I show the opening stock as nil.

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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03 January 2013 If you not submitted balancesheet in the previous year to income tax than you can consider it. Otherwise we have to check and analise how you go to file in the last year and submitted balancesheet than only i can say is you consider otherwise any other way.

So with out seeing your actual records i cann't say because it may not proper suggestion to you with verifying your records. But first confirm me Is you submitted your returns to IT Department with out showing Balance sheet details then you consider it.

OM SAI SRI SAI JAI JAI SAI

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