Carriforward/ refund and interest on penalty
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 May 2012
In the month of March 2008 we had receive refund of Rs 150000 and was shown as refund. Up to August 2008 we could get the refunds as they were below Rs. 1 lacs they were refund as per monthly. In month of November we wer liable to pay tax what we did was we have adjusted the blance of March 2008 in the return and went forward. The department now has taken the case for Audit and issued the notice for tax along with interest and penalty and still earlier Rs. 150000 is with the department. Ealier when the returns were file the department has not questioned nor issued any notice for payment
25 May 2012
You cannot automatically adjust refund arising in one year against tax liability of another year.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- EPF ECR NEW FILE SEP 17TH 2026
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Gst registered proprietorship firm
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- Capitalgain tax purposes for valuation report compulsory
- GST Intimation due to Government took possession of Business Premises under PPE Act
- TDS on Fixed Assets purchased
- TDS on purchase of under construction property from a reseller
- SALARY CAN BE CAPITALIZE
- Non filing of I T Returns
- TAX AUDIT ON PROFESSIONAL INCOME
- Under marginal scheme
- Import of Software Service.
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- GST on Renting godown to KFCSC for Storage of Raagi
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
