Filing of income tax return
My client is going to a bank loan for 10 lakhs. Now the bank manager is asking for it return s of previous 3 years. The address has an yearly lease income of 2,50,00
From an agricultural land in which aquacultural operations are done. How should I disclose this income in the it return. Plz specify under which head this income should be disclosed and which form of itr to be used for filing the return. And finally can I file returns for A.Y 2012_13, 2013_14, 2014_15. Electronically. Is there any penal provision's applicable for late filing of returns.
Replies (1)
You can file your ITR for A.Y. 2014-15 (F.Y. 2013-14) electronically. If your income in the relevant years doesn't exceed taxable limit, no penal provisions are applicable for late filing. But if your income exceeds taxable limit, interest u/s 234A, 234B & 234C may be applicable on tax payable amt.
If you have income from house property/other sources/capital gains/agriculture income, you may file ITR2 for FY 2013-14 (AY2014-15). You have to put Rs. 250000/- in "Point No. 4 of schedule EI (Exempt Income)".
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