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Income tax return

rahul rana (Assistant accountant (Pursuing CA)) (184 Points)

04 May 2016

First 2 years i filled ITR and after that i did not file but i want to file in 2016 31 july then can do this. and may get refund last 2 years in which i did not file ITR but now i will file ITR

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3 Replies

CA Mithil Munot (Proprietor Mithil P Munot & Co.) (341 Points)
Replied 04 May 2016

You can file return for FY 14-15 & FY 15-16 i.e A.Y 15-16 and AY 16-17 respectively and claim the refund amount.

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Kalki Vital Narayanam (CA Final Student) (121 Points)
Replied 04 May 2016

You can file return only for AY: 2015-16 and AY: 2016-17, but not of the previous Assessment years. In case, if you have received any notice from Income Tax dept. to file the return, you can file the returns of the previous Assessment Years in reply to that notice U/S 142(1) and claim refund of the earlier years.

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Vinay somani (CA, CS) (Assistant Manager-Accounts) (549 Points)
Replied 04 May 2016

Dear Rahul,

As per circular 9/2015 assessee can claim refund and carry forward losses for last 6 years.

under this you have to make an application to income tax officer for condon of delay based on the amount. if more than 50 lakhs application directly made to CBDT.In case the amount of claim is between Rs. 10 lacs and 50 lacs the application will have to be made to the Chief Commission of income tax or Principal Chief Commissioner of Income tax. However in case the amount involved is less than 10 lacs, the same can be entertained by either Principal Commission of income tax or commissioner of Income Tax. It may also be noted the above limits apply to each financial year separately and not for the aggregate f the claim for all the years taken together.Before accepting or rejecting the application these authorities are supposed to verify that the claim is correct and genuine. It may be noted that the assessing office who will eventually process your income tax return can make scrutiny of your claims before granting you refund or allowing you to carry forward the loss.

for more details please refer circular 9/2015.

or read this link. https://www.incometaxindia.gov.in/Communications/Circular/Circular9_2015.htm