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i t return

Tax queries 447 views 3 replies

if  a new assesse wants to file three  years  of returns at a time to build up capital for bank loan purposes ......etc,,,. is it valid

Replies (3)

HI DEAR,

 

PRACTICALLY, INCOME TAX DEPT ACCEPTING IT RETURN FOR MAXIMUM OF 2 YEARS INCLUDING CURRENT PREVIOUS YEAR. SECONDLY, BANK DOESN'T HAVE ANY PROBLEM IN ACCEPTING SUCH A THREE YEARS OF RETURN. BUT THE RETURN FILES FOR 2-3 YEARS ON ONE DAY WOULD BE ADDITIONALY SCRUTINISED FOR AUTHENTICITY OF INCOME FIGURES SPECIFIED IN THOSE RETURN. IT WOULD NOT CREATE ANY PROBLEM, IF U HAVE THE PROPER SUPPORTING FOR THE INCOME GENERATION SPACIALLY BANK ENTRIES IN PASS BOOK, IT WOULD NOT CREATE ANY PROBLEM.

 

REGARDS,

 

MANOJ

Originally posted by : Manoj B. Gavali

HI DEAR,

 

PRACTICALLY, INCOME TAX DEPT ACCEPTING IT RETURN FOR MAXIMUM OF 2 YEARS INCLUDING CURRENT PREVIOUS YEAR. SECONDLY, BANK DOESN'T HAVE ANY PROBLEM IN ACCEPTING SUCH A THREE YEARS OF RETURN. BUT THE RETURN FILES FOR 2-3 YEARS ON ONE DAY WOULD BE ADDITIONALY SCRUTINISED FOR AUTHENTICITY OF INCOME FIGURES SPECIFIED IN THOSE RETURN. IT WOULD NOT CREATE ANY PROBLEM, IF U HAVE THE PROPER SUPPORTING FOR THE INCOME GENERATION SPACIALLY BANK ENTRIES IN PASS BOOK, IT WOULD NOT CREATE ANY PROBLEM.

 

REGARDS,

 

MANOJ

Agreed with Mr. MANOJ

Would like to tell you, bank dont accepts returns filled on the same date, they wants returns filled in the gap of 6 months.

;)
 


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