Previous year Income
This query is : Resolved
17 December 2010
Mr.A is in receipt of monthly pension for the last 15 years.He was not aware that the pension is taxable and hence not file the IT returns.
Now he has started a business,and hence from the current year he wants to show the business income along with the current year pension income.
What has to be done regarding the previous year pension income.Can the return be filed now.or shall we ignore it.what is the solution available
Please help.
Now he has started a business,and hence from the current year he wants to show the business income along with the current year pension income.
What has to be done regarding the previous year pension income.Can the return be filed now.or shall we ignore it.what is the solution available
Please help.
CA. R. B. SAH
(Expert)
17 December 2010
It depends on the income of the previous year. You can file return for the A.Y. 2009-10 UPTO 31-03-2011 as belated return.
Also You can file return for A.Y.2010-11 upto 31-03-2011 without paying penalty of Rs.5000/- but you have to pay penalty of Rs.5000/- for A.Y.2009-10 if you file return now if it is required by law to file ROI U/S 139(1) or its Proviso.
In your case, 6 years or 4 years, as the case may be, assessment can be opened.
Also You can file return for A.Y.2010-11 upto 31-03-2011 without paying penalty of Rs.5000/- but you have to pay penalty of Rs.5000/- for A.Y.2009-10 if you file return now if it is required by law to file ROI U/S 139(1) or its Proviso.
In your case, 6 years or 4 years, as the case may be, assessment can be opened.
Manmohan ACA, CS
(Expert)
18 December 2010
agree
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
- Depreciation Chart Companies Act
- EPF ECR NEW FILE SEP 17TH 2026
- Capital Gail Exemption Certificate
- Oct 2025 Invoices
- Import of Software Service.
- SECTION 393(3) TAX ON CASH WITHDRAWAL
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- Under marginal scheme
- Capitalgain tax purposes for valuation report compulsory
- GST on Renting godown to KFCSC for Storage of Raagi
- GST Audit whether Govt Companies are exempt?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
