Is it possible to pay income tax for past 3 financial years

hello jay..


or email me ur details like ur residential status,what sort of income,is any tax deducted earlier

but you will now be able to file returns for last 2 yrs only

Originally posted by : Kajal Jain
	you will now be able to file returns for last 2 yrs only

Thanks for the reply Kajal.How much time I have to file returns for last 2yrs,is it March 2017? 

What is your advice for previous financial year i.e 2013-14?Shall I declare it under IDS 2016? or is there any other option?

Thanks again Kajal.The income is from buying and selling domain names.For example I buy a domain name for $20 and sell for $400 some time later.I am from Hyderabad but all the purchases and sales are from USA,Europe.

For the FY 13/14 My income is $9,185USD (Rs.5.48Lakhs approx. by Rs.59.68INR/USD rate of March 2014) but I spent almost $8,900 to buy more domains in the same period.The actual acquisition cost of the domains I sold is $487 or Rs.29,064 approximately.I am confused what exactly is my income here.Is it $285(sales $9,185-expenditure $8900)or $8698(sales $9,185-aquisiton.cost $487) ?

ok,will get back

considering purchase and sale transaction your income is $285 during that period. by saying purchase and sale transaction please keep in mind the applicability of VAT if you have purchase and sold in India.

Hello,

1. As you must be aware that cost of a particular product is cost of acquisition along with any other expenditure incurred to get the product.So sales minus the above purchase cost shall be your profit.This profit will be your taxable income.

sales $9,185-expenditure $8900 would stand correct if the exp is incurred to buy the same domain which is sold.

2.I have my own doubts with respect to VAT, since the product is exported and No VAT on exports.

3. You are eligible for IDS,2016,but the amount been too small you should not get urself involved in the same.You should take advice of other professionals too on the same,If you have other income too,then take your call for the same if the amount involved is bigger and material enough.

Agree with Kajal Jain on point 3. You should take advice of some professional so that your transaction can be seen in totality. whether you have export or sold locally etc.

Thank you Kajal&Sandip.

I sold 9 domain names in 13/14 for $9,185.Those are acquired in previous years and not in 13/14.The cost of purchase&yearly renewal of those 9 domain names is $487.During 13/14 I spent $8,900 for acquiring 80 more domains and renew 50 other domain names I already own.So What's my profit here?

sales-expenditure on sold domains = $9,185-$487 = $8,698

or

sales in 13/14 - expenditure in13/14 = $9,185-$8,900 = $285