I.t. return for non filing person

Question BankCategory: Income TaxI.t. return for non filing person
Kollipara sundaraiah asked 2 months ago

Sir,
One of I.t. returns non filing person source of income for a small money lending business since last 6 years maintained.if a person purchases of site Value rs.15 lacs in f.y. 2019-2020.
Question:
Assess How many years I.t. returns filed. p&l and balance sheet filed.

1 Answers
Rahul Mehra answered 1 month ago

As far as I understand, the question is regarding , for how many years assessee is required to file income tax return. We assume that the assessee is doing the business in proprietorship. 
He was required to file income tax return if his Gross total income exceeds basic exemption limit. In FY 2019-20, he purchased a site of value 15 lakh which is less then the value to be reported in AIR. Hence if his GTI is higher than BEL then he is required to file income tax return. If he has not filed ITR for any year till now, he will not be able to file ITR ealier then FY 2018-19 unless notice is received from the department for filing ITR. he can file ITR for FY 2018-19 upto 30-6-2020 and for Fy 2019-20 upto 31-7-2020 and belated return upto 31-3-2021.
But if his Gross total Income does not exceed Basic exemption limit then not required to file ITR.

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