[important] income tax returns for fy 2014 and 15

Efiling 704 views 5 replies

Aarohi Nanda

Vasant Valley School

40 Points Joined April 2015

Hi Friends,

I am a 17 years old student and also work as a self employed trader. I have made Rs. 5.9 Lakh in the year 20142015. I need to submit income tax returns documents to my college in Australia. I will be a first year student in 2016. And need tax returns for scholarship purposes. I tried to file income tax returns for 4S, but there is no option for AY 201516 (FY 201415) in the list.

What can I do here? How do I file income tax right now? I need the returns of this year very urgently or my scholarship will get cancelled.

Please help me, friends.

Replies (5)

Hitesh Khanna

Accounting & Finance Taxation Company

839 Points Joined September 2010

Firstly you have to be very sure that the Income tax Return you are being Asked.for.is.for the.FY 2014.-15 Secondly if you are 17 right now.ie.on.Date then your will be assessed as.minor. Omly remedy you have is.to inform the authorities that the govt hasent come.out with.new.forms.and forms.are.only available.in the early or.mid.May

Hitesh Khanna

Accounting & Finance Taxation Company

839 Points Joined September 2010

Rather.I believe that declaration.that you are a Student and.don't have any earnings will.solve the purpose as is.also.evident with your.age.

Aarohi Nanda

Vasant Valley School

40 Points Joined April 2015

Originally posted by : Hitesh Khanna
	Rather.I believe that declaration.that you are a Student and.don't have any earnings will.solve the purpose as is.also.evident with your.age.

Thanks for the reply, Hitesh sir. I had declared my earnings during the time of admission, and I can not withdraw the information I have submitted to the college already. Thanks for the information, I have time by the end of May to submit the documents. I hope the forms are out by them.

Thanks a lot for your help!

Nikhil Kaushik

Fellow CA

86871 Points Joined June 2009

1. Hitesh, if she earning this income as a trader, then the income wont be assessed as a minor. Please refer to section 64. The incomes of minors are clubbed only where there is no application of skills on the part of the minor.

2. Aarohi, forms generally are not out by the end of May atleast not the form that you will need to file the return ie ITR4 / ITR4S. But that should not be a problem. You should ideally intimate the university in advance that that income-tax returns are filed in India by July end and to be on safe side, hire a Chartered Accountant to issue you a certificate for the Income earned during FY 2014-15.

Aarohi Nanda

Vasant Valley School

40 Points Joined April 2015

Originally posted by : Nikhil
	1. Hitesh, if she earning this income as a trader, then the income wont be assessed as a minor. Please refer to section 64. The incomes of minors are clubbed only where there is no application of skills on the part of the minor. 2. Aarohi, forms generally are not out by the end of May atleast not the form that you will need to file the return ie ITR4 / ITR4S. But that should not be a problem. You should ideally intimate the university in advance that that income-tax returns are filed in India by July end and to be on safe side, hire a Chartered Accountant to issue you a certificate for the Income earned during FY 2014-15.