During FY 2008-09 Interest is received on land acquisition compensation, from the year 1983-84 to 2007-08 amounting to Rs. 1.50 cr. Whether I T returns are to biled for all the years or can be filed for the last six years and claim the TDS in the six returns.
Kindly guide.
why only last 6 years........ you should do it for all the years.........
IF THE PAY COMPANY IS DEBIT YOUR INTEREST ONLY F.Y. 2008-09 , THAN INCOME TAX RETURN FILING ONLY A.Y. 2009-10 BUT THE COMPANY IS DEBIT INTEREST TIME TO TIME ( YEAR TO YEAR) THAN INCOME TAX RETURN FILED LAST TWO YEAR BUT INCOME RECD INFORMATION SEND TO INCOME TAX DEPT .
As per the recent judgement of High Court Interest recieved by Assessee on account of compulsory acquisition of land , any interst awarded by court on account of subsequent enhancement of claim interest can be:-
1) taxable in the year of reciept
2) distributed in equal instalments from month/year of award by court to actual payment by Government
Yes on accrual basis concept i have to calculate the income for the respective years. But whether a return for AY 83-84 can be filed now and if filed whether it will be valid. Even in case of re opening of assessments it is possible for six years only. Then whether filing of return for six years is enough. please guide.
Bajaj Sir,
An assesse at his OWN WILL cannot file a return PRIOR TO 2 YEARS AT ANY GIVEN POINT OF TIME..
EG;- IN THE FY 2009-10, AN ASSESSE AT HIS OWN WILL CAN FILE RETUEN OF FY 2008-09 AND 2007-08 (BUT NOT OF FY 2006-07 AND PRIOR YEARS)
Therefore RETURN OF AY 83 -84 CANNOT BE FILED...
FURTHER KUMARSATISH HAS RIGHTLY MENTIONED THAT IT IS UP TO HOW U WANT TO OFFER THIS INCOME TO TAX i:e IN THE YEAR OF RECEIPT OR BY SPREADING IT...
IF U WANT TO SPREAD IT THEN,
1) ON UR OWN U CAN FILE THE RETURN OF 2 FINANCIAL YEARS - 2008-09 & 2007-08
AND
2) AO WILL ISSUE NOTICE FOR EARLIER ASSESSMENT YEAR - 1982-1983 TO 2006-07 AND REQUIRE U TO FILE A RETURN SINCE TO GIVE EFFECT TO THE ORDER OF COURT THERE IS NO TIME LIMIT FOR ISSUANCE OF NOTICE / COMPLETION OF ASSESSMENT...
CAclubindia
