Question ID : 40684

BUSINESS INCOME

X AN INDIVIDUAL CARRY ON A TRADING BUSINESS. DURING F Y 2017-18 THE RETURN WAS FILED WITH TURNOVER EXCEEDING 1 CR WITH AUDITED U/S44AB, BUT DURING FY 2018-19 THERE IS NO BUSINESS ACTIVITY . GST FOR FY 18-19 SHOW NIL OUTPUT. BUT PREVIOUS YEAR FY 17-18 BALANCE IN ACCOUNT RECEIVABLE, CREDITOR, BANK ETC IS COMING IN FY 18-19. AND FURTHER IN MONTH MARCH 19 HE PURCHASED A CONSINGMENT WHICH WAS SOLD IN APRIL 19 . BUT TCS HAS BEEN DEDUCTED IN FY 18-19 FOR THE PURCHASES MADE IN MARCH 19. NOW HE WANTS TO FILE ITR UNDER OTHER INCOME HEAD . CAN HE DO SO. AND DOES HE REQUIRE TO SHOW BUSINESS HEAD, BALANCE SHEET IN ITR -3. DO IN ANY CASE WE NEED TO AUDIT THE NIL BUISNESS . PLEASE ADVICE

posted by pradeep kumar agrawal on Jun 13 2020 12:00AM