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Non-Filing of ITR

Others 232 views 3 replies
One of my clients has effected a turnover of ₹.81L in F.Y.:2014-15. Nett Profit for the period arrives at ₹.6,50,000.00, but he has not filed ITR. Further there is also an online compliance showing cash transactions exceeding ₹.10L during the same period. Now he will be filing ITR for the first time for the F.Y.:2017-18. So Experts please guide me with a solution to this issue. Thank You.
Replies (3)

1. The complience of 10 lakhs cash deposits/transactions is required to be solved, independently. ITR for AY 2015-16 cannot be filed now.

2. Yes, you may file ITR for AY 2018-19, with late fees. Check for audit complience.

Sir,
Is there any issue if I don't respond to the compliance?

1. ITR for FY 17-18 to be filed with late fees. Please check if the

a. Turnover is more than Rs. 1 crores;

b. Turnover is less than 2 Crores(if 44AD is applicable) and profit is less than 8%

then Audit was required. 

2. The  non compliance for the earlier periods cannot be complied now. But it will be good if you prepare b.sheets for all these periods and keep them ready. In case you receive form AO then you can file your returns. 

3. Compliance in relation to Rs. 10 Lakhs cash deposit may be  comlied now. 


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