Dear Sir,
We have started an partnership firm in 2009 and till now no filing has been done. We have prepared the balance sheet from 2009-10 to 2012-13.
1. Is it possbible to file our returns for all the 4 years ?
2. What are the consequences of not filing balance sheet for the previous years ?
You can file the old returns FYs 2009-10, 2010-11 now, if any tax is payable in the last years (in the interest of Revenue).
FY 2011-12 can be filed till March 2014 (with penalty, if imposed Rs 5000/-)
FY 2012-13 can be filed till March 2014 without any penalty.
N N V Satish & Co.,
Hyderabad
CA Inter
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