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Income tax

Ravi kiran yadav (assistant auditor) (165 Points)

19 August 2016

Gud eve sir/madam one of our uncle running commercial vehicle started on AY 10-11 and filled his return up to 12-13. now the thing is he has not been filled subsequent years because of hire charges received below the Income Tax slab now for the AT 16-17 he is willing to file his return shall i straight away file for the AY 16-17 bY eleminating the IT Returns from 13-15

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10 Replies

CA V. K. Kherwasiya (Proprietor) (21 Points)
Replied 19 August 2016

Yes, you can file directly return for A.Y. 2016-17

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160332 Points)
Replied 19 August 2016

Naturally, when the taxable limit was not exceeded in those years, ITR filling was not mandatory.

1 Like

CA Fenil H. Doshi (-) (50 Points)
Replied 19 August 2016

better is to file for all possible years being AY 15 -16 is also possible. though no penalties as such but since its a business income it is better to file.

also the above persists if business is proprietory in nature.
if the same is partnership/llp/company returns are mandatory.

Thanks
CA Fenil Doshi

Parag Tita (2 Points)
Replied 19 August 2016

HI i have sold a flat "A" with capital gains of 44 lacs & i am buying flat "B" for 1.1 cr by using that gains. Now flat "B" is of stamp duty value 1.35 cr so i am buying it below that rate so will that difference be added to my taxable income or adjusted against my capital gains that is used for buying flat "B". If its added to income from other sources than how will be i taxed? Thanks in advance

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160332 Points)
Replied 20 August 2016

@ Parag Tita

As per section 56(2)(vii), the differnce of value, 25 lakhs here, will be added to your income as income from other sources and taxed as per slab rate.

Parag Tita (2 Points)
Replied 20 August 2016

Thank u very much for your reply. I appreciate you help very much

ACA Anurag (Enjoy the little things) (14706 Points)
Replied 20 August 2016

Dear Ravi,

kindlu file the return for all possible years (i.e for 15-16 and 16-17)

Originally posted by : Ravi kiran yadav

Gud eve sir/madam

one of our uncle running commercial vehicle started on AY 10-11 and filled his return up to 12-13. now the thing is he has not been filled subsequent years because of hire charges received below the Income Tax slab now for the AT 16-17 he is willing to file his return shall i straight away file for the AY 16-17 bY eleminating the IT Returns from 13-15

CA.Vinita Gupta (Deputy Manager- Finance) (2918 Points)
Replied 20 August 2016

In my opinion too you should file the Return for all the years.

Ravi kiran yadav (assistant auditor) (165 Points)
Replied 21 August 2016

Thank u madam

Kalki Vital Narayanam (CA Final Student) (121 Points)
Replied 23 August 2016

you can file the returns for AY 2015-16 & AY: 2016-17

You can only file the returns of Other Assesement years only whether any notice is being raised by IT Dept., we have to file the return in reply to the notice.