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Itr filing


T S D ( )     07 December 2013

T S D
 
 21 likes  236 points

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I have started a new business for which I obtained loan during Aug 2012 amounting to one crore. As at 31st March 2013, the business was not commenced. I don have all the assets installed. Should I file ITR without claiming any expenses and filling only the Balance sheet part of ITR? Kindly advice. 

avater

GAUTAM SHARMA (Audit Assistant)     07 December 2013

GAUTAM SHARMA
Audit Assistant 
 35 likes  343 points

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Please describe the status of your business i.e. sloe proprietor, firm ,company or individual.

if you are firm or company you'veto file return of income.In other case if Taxable Total income exceeds maximum amount not chargeable to tax i.e. exemption limit, then you are required to file return 

avater

T S D ( )     07 December 2013

T S D
 
 21 likes  236 points

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Its Sole propreitor. Taxable income is nil as the business is not commenced. But still I want to file a return. How to proceed?

avater

kanagaraj (CHARTERED ACCOUNTANT)     07 December 2013

kanagaraj
CHARTERED ACCOUNTANT 
 77 likes  793 points

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you can file your itr showing the taxable income as nil, and show all other assets and liabilities of the unit.


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