Questions on opening of income tax file..?

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 February 2012 Hello CCI members.. i want to open my income tax file...
i m doing business from last 10 years and i hv'nt file any return in those yrs.. though i get my pan no. only 3yrs ago..fromthis yrs i want to open my file and filing of return too.. i hv.nt prepare any financial statements for those yrs,bcoz my income was not in the net of tax in those yrs...today i hv assets of worth rs. 15 lac how should i prepare my b/s and file my return...if i will show all assets in this year then it will attract taxation or not???and whch return no. i should file???/pls clearfy my matters...
very very thnaks in advance..

CA. Hari Kishan

CA. Hari Kishan (Expert)
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28 February 2012 The income tax return can be filed for the current year onwards.. as to your previous income and assets etc.. you could prepare a opening balance sheet say you have mentioned that u have assets of 15 lakhs and correspondingly credit the capital account.. no penal consequences should you income for a year has not exceeded the taxable limits.. and you can file your return in ITR 4 since u mentioned that you are doing business...

Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)
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03 March 2012 You can file previous year income tax also.

Abhsihek Ranjan Singh
ARS Solutions
+91 90228388615
email2ars@gmail.com
www.arssolutions.co.in

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