IT return filing query…URGENT

POSTED BY Abhi C ON March 11, 2012 4:53 pm COMMENTS (3)

I had a business for around 10 years..suddenly i faced lot of loss and stopped paying my income tax for last 6 years..but from the last two years i have started a new business and have taxable income..iv not paid tax for those two years too(fy2010-11 and fy2011-12)..im planning to pay it this year..will it be a problem

and my shop act is in the name of my wife..my wife and i run the business jointly..i can pay my returns wrt this business still right??

3 replies on this article “IT return filing query…URGENT”

  1. Dear Abhi, Please contact a local CA in your city to deal with all your problems. You may still pay your prev. 2 Y taxes but the penal interest ‘ll be applicable to you.

    For FY 2009-2010, the last date of filing income tax return is 31 march 2012, so please hurry up.

    Thanks

    Ashal

    1. Abhi C says:

      thanks ashal for the prompt reply..

      one thing,the break in the filling of returns will not affect right??

      and will i have to submit the details of last return filed..asking this because i have completely changed my business..my current business has nothing to do with my previous business

      1. Dear Abhi C, as the break was due to no income or below zero tax limit income, there should not be any problem.

        No, the prev. ITR details ‘ll not be asked.

        Thanks

        Ashal

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