Query about return
This query is : Resolved
02 November 2016
query is this my client didn't file income tax return in f.y 2013-2014 & he submitted tax 2 times in f.y 2014-2015 can he do adjustment this tax in f.y 2015-16.
and what is the procedure plz tell me as soon as possible....
05 November 2016
sir any person tell me
10 August 2024
When a taxpayer has overpaid taxes or submitted tax payments in a financial year and did not file their return in the same year, they can still address this issue in subsequent years. Here's a guide on how to handle the situation where a taxpayer wants to adjust tax payments made in FY 2014-15 against the income of FY 2015-16:
### **1. Understanding the Situation**
**Scenario:**
- **Financial Year 2013-14:** Income tax return not filed.
- **Financial Year 2014-15:** Tax payments were made twice.
- **Financial Year 2015-16:** The taxpayer wishes to adjust the excess tax payments made in FY 2014-15 against their tax liability for FY 2015-16.
### **2. Procedure for Adjusting Excess Tax Payments**
**1. **Filing Belated Return for FY 2013-14:**
- **File the Return:** If the taxpayer did not file their return for FY 2013-14, they should first file a belated return for that year. The belated return can be filed up to one year from the end of the relevant assessment year or before the end of the assessment year, whichever is earlier. For FY 2013-14, the belated return should ideally be filed by March 31, 2015.
- **Declare the Tax Payments:** Ensure that any tax payments made in FY 2014-15 related to FY 2013-14 are correctly reported in this belated return. The tax payments will be considered as a credit against the tax liability for FY 2013-14.
**2. **Request for Refund for FY 2014-15:**
- **Claim Refund:** If the taxpayer has made excess payments in FY 2014-15 and no return for FY 2013-14 was filed to adjust these payments, they should file a return for FY 2014-15 claiming a refund for the excess tax paid. The excess payments will be refunded or adjusted based on the return filed for FY 2014-15.
- **Adjustment in FY 2015-16:** If the excess tax paid in FY 2014-15 is not adjusted or refunded, the taxpayer may need to claim it during the FY 2015-16 return filing. However, typically, excess tax payments are adjusted in the same financial year they were made.
**3. **Reconciliation in FY 2015-16:**
- **File Return for FY 2015-16:** When filing the return for FY 2015-16, the taxpayer can reflect the excess tax paid in FY 2014-15 as a credit if it hasn’t been refunded or adjusted earlier. However, this is generally not the standard procedure, as excess payments are usually adjusted or refunded in the year they were made.
- **Verify Tax Credit:** Ensure that the tax credit is accurately reflected and reconcile any discrepancies if there were issues with the previous years' filings.
### **3. **Steps to Take:**
1. **File Belated Return for FY 2013-14:** To address any discrepancies related to FY 2013-14.
2. **Claim Refund for FY 2014-15:** Through a return or rectification if excess tax was paid.
3. **Adjustments in FY 2015-16:** Ensure any excess or refund claims are appropriately adjusted in the return for FY 2015-16, but typically this should be handled in the respective year of payment.
### **4. **Rectification Request**
- **If there are discrepancies or errors:** You can file a rectification request under Section 154 of the Income Tax Act for any corrections needed related to the excess tax payments or missed credits.
### **Summary**
1. **File a belated return for FY 2013-14** to include all the tax payments correctly.
2. **Claim a refund** for the excess tax payments made in FY 2014-15 through the return for that year.
3. **Adjust in FY 2015-16:** Ensure accurate reporting in the return for FY 2015-16 and reconcile any discrepancies.
Consulting a tax professional for personalized advice and to ensure compliance with the latest regulations is always a good practice.
### **1. Understanding the Situation**
**Scenario:**
- **Financial Year 2013-14:** Income tax return not filed.
- **Financial Year 2014-15:** Tax payments were made twice.
- **Financial Year 2015-16:** The taxpayer wishes to adjust the excess tax payments made in FY 2014-15 against their tax liability for FY 2015-16.
### **2. Procedure for Adjusting Excess Tax Payments**
**1. **Filing Belated Return for FY 2013-14:**
- **File the Return:** If the taxpayer did not file their return for FY 2013-14, they should first file a belated return for that year. The belated return can be filed up to one year from the end of the relevant assessment year or before the end of the assessment year, whichever is earlier. For FY 2013-14, the belated return should ideally be filed by March 31, 2015.
- **Declare the Tax Payments:** Ensure that any tax payments made in FY 2014-15 related to FY 2013-14 are correctly reported in this belated return. The tax payments will be considered as a credit against the tax liability for FY 2013-14.
**2. **Request for Refund for FY 2014-15:**
- **Claim Refund:** If the taxpayer has made excess payments in FY 2014-15 and no return for FY 2013-14 was filed to adjust these payments, they should file a return for FY 2014-15 claiming a refund for the excess tax paid. The excess payments will be refunded or adjusted based on the return filed for FY 2014-15.
- **Adjustment in FY 2015-16:** If the excess tax paid in FY 2014-15 is not adjusted or refunded, the taxpayer may need to claim it during the FY 2015-16 return filing. However, typically, excess tax payments are adjusted in the same financial year they were made.
**3. **Reconciliation in FY 2015-16:**
- **File Return for FY 2015-16:** When filing the return for FY 2015-16, the taxpayer can reflect the excess tax paid in FY 2014-15 as a credit if it hasn’t been refunded or adjusted earlier. However, this is generally not the standard procedure, as excess payments are usually adjusted or refunded in the year they were made.
- **Verify Tax Credit:** Ensure that the tax credit is accurately reflected and reconcile any discrepancies if there were issues with the previous years' filings.
### **3. **Steps to Take:**
1. **File Belated Return for FY 2013-14:** To address any discrepancies related to FY 2013-14.
2. **Claim Refund for FY 2014-15:** Through a return or rectification if excess tax was paid.
3. **Adjustments in FY 2015-16:** Ensure any excess or refund claims are appropriately adjusted in the return for FY 2015-16, but typically this should be handled in the respective year of payment.
### **4. **Rectification Request**
- **If there are discrepancies or errors:** You can file a rectification request under Section 154 of the Income Tax Act for any corrections needed related to the excess tax payments or missed credits.
### **Summary**
1. **File a belated return for FY 2013-14** to include all the tax payments correctly.
2. **Claim a refund** for the excess tax payments made in FY 2014-15 through the return for that year.
3. **Adjust in FY 2015-16:** Ensure accurate reporting in the return for FY 2015-16 and reconcile any discrepancies.
Consulting a tax professional for personalized advice and to ensure compliance with the latest regulations is always a good practice.
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