Dear sir
My friend has filed ITR 4 for the FY 2012-13 (Gross Income Rs.165,420) and Refund of Tax due is (Rs.16,542). Since, he had no income for the FY 2013-14, he did not file the return.
But for the FY 2014-15,he has a Gross income of Rs.150,400 and the refund due is Rs.15,040.
Is it necessary to file the IT Return for the FY 2013-14, now along with the Return for the FY 2014-15?
Pl. kindly clarify.
thanks
Nagarajan
Dear Nagarajan,
It is always adivsable to file your returns wherever there is any tax liability or refund due. Return for FY 2013-14 i.e. AY 2014-15 can be belatedly filed till the completion of one yeaqr from the end of relevant AY, i.e. till 31-03-2016.
Your are suggested to file both returns for AY 2014-15 and 2015-16. Just be extremely careful for AY 2014-15 return as it is non revisable.
All the best!
Dear Nagarjun
Since there was no any income in FY 2013-14, so it is not manadatory to file income tax return. but it is advisable to file the return although not having any income.
Also u can file income tax return of FY 2013-14 upto 31.03.2016 under section 139(4) as belated return. but you can not revise the same.
Rahul
Yes you should file the return.
yes , it is not mendetory but it is advisable to file return although income is not withon taxable limit.
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