It return file for new proprietory business

Dear All,

We just staterd our new proprietory business (Movers&Packers) on 31st Oct, 2011. Now its Dec'11. We have few doubts for IT return filling for our new proprietory business.

  1. Do we need to file IT return now?

  2. When we have to file IT return?

  3. If we need to file IT return which form will be applicable for us?

  4. We are thinking of buying a house after two years and as per GOV/Bank. rule, we need to submit last 2 years IT return for housing loan. We know we are thinking very long but its fact that if we want to buy a home after two years we have to star the preparation from now. So we want to know, can we file IT return for our proprietory business under Rs.9 lakh, can we do? Can we show income under 9 lakh and file IT return?

Please do revert. Thanks in advance.

 

Regards,

Pari, Bangalore

 

 

Replies (1)

 

 

As you mention you have started properiety business in current financial year you have to file income tax return for Financial Year 2011-12 on or before 31 july, in case turnover not exceeding Rs. 60 lacs as on 31st march 2012, other wise on or before 30th september 2012

You need to file ITR Form no 4

I think you cant take any loan since you have to complete atleast 2 years along with income of RS. 9 lacs (assumed there was no source of income before this venture)

 

for more clarification please mail me @ mukeshkumar6610 @ hotmail.com

 

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