An individual is starting a proprietary business, never filled ITR as income is under 2.5L and doesn't have PAN & Bank A/c both Savings & Current A/c.
Applied and received his PAN in Feb'22, GSTIN in Jul'22 & Bank A/c in Jul'22
Now the question is:-
1) How many preceding year he can file ITR- 2 or 3 years?
2) Can he show/adjust his previous years income in ITR Capital as/in Cash?
3) Can he receive Cash gifts from his immediate relatives like Mother, Father, Brother, Sister, Wife etc. under 2L as none of them is having PAN & Bank A/c.
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Cash Gift Limit from Relatives & Previous Years Backdated ITR
Replies (2)
For 1 & 2 : Why you want to file for ITR when income was below 2.5L. Now, For current AY 2022-23, due date is 31st July, so he can file ITR for PY 2021-22. for preceding previous years due date is already over, so you may have to file condonation of delay if circumstances so reveal.
For 3 : Gift from all mentioned relative are immediate and are exempt with out any limit. So he can receive the same,
1. Three years
2. Yes he can subject to income
3. Yes same is exempted.
2. Yes he can subject to income
3. Yes same is exempted.
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