Returns filing

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 February 2016 sir
i am having business income from tourister tempo . Business was started in the year 2008.
Returns been filed for the financial year 2008-09 and 2009-10. After that returns been not filed as the business was very less below taxable.
Now i want to file the returns as i am applying for bank loan. Is it advisable to file the returns from 2010 onwards or only last 2 years returns filing will be better ie from 2013-14 and 2014-15.
As businessmens capital is carried forwarded to next year can i carry forward the capital baln of 2010 to 2013? Please advice .Thanks a lot

Ganeshbabu K

Ganeshbabu K (Expert)
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02 February 2016 1)prepare financials till 2014-15 .(every year, so that you can get capital balance properly for ever year)
2)Just file returns for 2013-14 and 2014-15 only as you told you dont have taxable income it is okay.ignore filing old itrs

Querist : Anonymous

Querist : Anonymous (Querist)

02 February 2016 Thanks
Please confirm me, financials means i have to prepare rough income and expdt account and baln sheet for the year 2011- 2013 to arrive at capital baln. but i will have to file retns for only 2 years i.e 2014 and 2015, based on the arrived capital baln.Please let me knw

Ganeshbabu K

Ganeshbabu K (Expert)
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02 February 2016 Yes,exactly.file for 2014,2015

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