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Computation of opening capital

SARAVANAN.M (PRACTICE) (83 Points)

28 December 2013

Dear Members,

I have a query pl. help me.

A client(Pvt. Ltd) wants to file 3 years I.T. returns(FY 2010-11; 2011-12; & 2012-13). He has e-filed for the FY 2009-10.For all these 3 years due dates are over. Now it is possible to file only for latest 2 years. return for FY 2010-11 cannot be filed now. My doubt is, if we file for FY 2011-12 & FY 2012-13 how we will treat the accounts for the missing year FY 2010-11. How the opening capital for FY 2011-12 can be created ? Pl suggest me the ways to handle the situation ? How to regularise them ?

Thanks in advance

SARAVANAN.M

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4 Replies

(Guest)

Don't you have books of accounts of the company. Since books maintenance is separate duty apart from return filing.

(Guest)

It's better that you compute tax liability for the year and pay tax. Whether time limit is available for filing or not.

CA Mitesh N Kothari (9821662799) (391 Points)
Replied 28 December 2013

Paying of Tax will Unnecessary intimate assessing officer to issure notice for non filing of return.

so just do your accounting work and carry forward your capital as per accounts.

in future suggest your client to be regular with all filing.

SARAVANAN.M (PRACTICE) (83 Points)
Replied 30 December 2013

Thanks Mr.Manish & Mr.Mitesh for your valuable guidance. Also thanks to caclub india for paving the way. The client is having books of a/c & the opening capital is available. But I was not sure that how to show it in the return statement. Now I have understood. I will suggest to the client also. Thanks.

regards.

SARAVANAN.M