PALAS (NOTHING) 26 October 2013
I have already submitted IT Return ( through online ) for A.Y 2013-2014 on 30/06/2013 of A LIC Commission Agent ,
For A.Y 2012-2013 not yet filed till date because no TDS was credited for that particular PAN for a.y 2012-2013 due to clerical mistake as wrong PAN SUBMITTED OF THAT PARTICULAR AGENT DURING TDS RETURN OF THAT PARTICULAR LIC BRANCH OFFICE for a.y 2012-2013 .
NOW, SR. Branch Manager of that particular LIC BRANCH OFFICE Assured me to submit a REVISED TDS RETURN ( With Correct PAN NO. OF THAT AGENT ) FOR A.Y 2012-2013.
My question :
AFTER REVISED TDS RETURN, IF 26AS SHOWS FULL AMOUNT OF TDS ( AS PER FORM 16A ) FOR A.Y 2012-2013 FOR THAT PARTICULAR LIC AGENT ..
NOW , CAN I SUBMIT ONLINE RETURN FOR A.Y 2012-2013 ???????
Plssss response as early as possible ..
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Amrit Dalmia (Indirect Tax Consultant) 26 October 2013
Yes, I agree with Ashish. You can very much submit the return for the A.Y. 2012-13 before 31st March 2014 as a belated return. It cannot be revised further under any condition. So, take extra care.
Sandeep Joshi (ACCOUNTANT) 27 October 2013
Respected all. I want to fill return of my father for AY2013-14. This year we sold our house & purchase new house agst this sale. We sold house in rs. 250000 & purchase new in rs 210000. So what amt can i saw in itr . And how amt taxable in this matter. Pls refer me on this matter detaile .....
Dhruv Nandani (Chartered Accountant) 27 October 2013
Yes. Penalty may be levied by the department if the return is filled after Assessment Year u/s 271F. However, it is not necessary that the penalty will be levied. Also, if levied waiver is possible u/s 271B if the reason for delay is genuine.
NiTiN JAiN (TAX CONSULTANT & CA FINAL STUDENT) 27 October 2013
Yes penalty of Rs 5000 can be levied, but only if the ITR is ataxzble Return. It means if the total income is more than the minimum exemption limit.