for 1 and a half year I was salaried now Ive started my own business which is yet to be registered as a firm. But I need atleast 2 years of IT to avail any kind of loan...is there any way ??
2006-08-30 02:09:22 · 7 answers · asked by Sagar 1 in Business & Finance ➔ Taxes ➔ India
If possible and affordable to wait up to first week of April 2007,please file income tax return of AY 2006-07 immediately and return of AY 2007-08 in April,2007. That way you can avail loan in April,2007.
Submission of income-tax return for AY 2005-06 is possible but you will be put penalty and some nuisance may be there. Yes it is possible but difficult. It depends upon your your own calculations regarding urgency of loan.
Take assistance of local chartered accountant if need be.
2006-08-30 02:38:30 · answer #1 · answered by PK LAMBA 6 · 0⤊ 1⤋
Recommend that you file your tax returns for the current financial year as well as the past. I am curious about a couple of things. You mentioned that you were salaried, that would mean that your em[ployer would have withheld TDS on your salary. Your taxes were already withheld. You did not file a return in spite of that. If your taxable income was below 1 Lakh, you dont need to file a return. So I am not sure you qualify.
As pointed out earlier, your return when filed will be picked up for mandatory scrutiny as you did not file on time. You may also be subject to interest and penalties if you did not pay income tax on time.
Find a good CA who is well connected in the IT department to settle the issue.
2006-08-30 05:01:27 · answer #2 · answered by prashant k 2 · 0⤊ 0⤋
Yes, you can file returns for two years. You may be penalised in salary returns. Furthur, you can file your business income return and no penalty shall be levied on that. Holding Bank A/C and not filed the return should not be the sole criteria for your worry. Bank A/C may cause you trouble if the A.O. notices and verifies the entries made by the Bank on big transfer amounts and not in normal range.
2006-08-30 02:40:58 · answer #3 · answered by Jatin Shah 2 · 0⤊ 0⤋
Yes U can still file your IT returns for the last 2 Assessment Years (A.Y.05-06 & A.Y.06-07) i.e. Financial Year 2004-2005 & 2005-2006.
Your Form 16 will be required for the same.
If U want I can help U out in the said matter. Thanks
2006-08-30 02:57:50 · answer #4 · answered by nishant g 1 · 0⤊ 0⤋
Yes you can file for two years..catch hold of a local CA who should help you out. There are many loopholes that could be exploited. You may have to shell out some penalty though
2006-08-30 02:16:56 · answer #5 · answered by Anonymous · 0⤊ 0⤋
they'll locate your monetary employer account once you've one. So, close your monetary employer account. after all, you're broke besides and also you mandatory the money to proceed to exist. this is the reason you're filing for financial ruin, precise? good success.
2016-12-05 23:19:58 · answer #6 · answered by okon 3 · 0⤊ 0⤋
yes you can file the IT before that consult the auditors
2006-08-30 18:16:10 · answer #7 · answered by nirmalkumarlenin 2 · 0⤊ 0⤋