25 January 2010
Dear All My Client has claimed Refund for the period 05-06 in the VAT Returns and also in M VAT Audit Report, but not applied for Refund in Form 501. Now he wants the refund as the amount is more and he requires that amount in his business. Now what is the solution as department is saying the time period for claiming is over.
26 January 2010
Time for applying for refund in form 501 is 3 years from the end of the year to which the refund belongs. So definately the time is over. What you could have done is c/f the refund to 6-7 and then 7-8 and claim refund for the year 7-8.
27 January 2010
Dear Sir Thanks for the suggestion and I agree with you, but the problem is that I cant file the Revised Returns also as the time period for the same is over
CAclubindia
