Hi, got few questions, please help

For Income tax purpose, Financial year 2013-14 is Previous year and 2014-15 is Assessment year. So if you file your return for 01/04/2013-31/03/2014 then previous year is 2013-14 and Assessment year is 2014-15. Therefore your auditor contention is valid. and in your case it just said your return is uploaded and it doesn't mean your return is processed . ITR V not sent means you failed to sent ITR V. Pls consult your auditor and you should sent ITR V, otherwise it would be Defective return u/s 139(9).

Sir...

Every financial year's financials will be assessed in the next Financial year hence it is called Assessment year.

For Financial year 2013-14, 2014-15 will be the Assessment year. So it is showing like that.

After filing ITR online you have to send ITR-V to Bangalore-CPC after duly signing it.

Once signed ITR-V reaches CPC, they will accept online return and process it.

Unless and until signed ITR-V reaches CPC your return can nor be processed.

It has to reach CPC-Bangalore before 120 days from the date of retun.

So.... do it ASAP.

Hi,

Thanks all for your replies, got now about A. Y.

I asked the CA about sending the copy to bangalore,

he says he has sent, but it takes around 1 or 1 and half month to process it,

so will wait for it.

 

Thanks

Yes, AY 2014-15 is same as FY 2013-14.

After ITR-V is sent to bangalore, you will receive a receipt on your email proving that they have received your ITR-V. Depending on your ITR, it will take from 3-6 months to process it and then you may receive intimation u/s 143(1) on your email showing any tax liability or refund.

we earn income in current year but we pay tax or file return in next year, now the year in which we earn is termed as financial year and in year in which we file return or pay taxes is termed as assessment year. After uploading the return you need to send a singned copy of ITR-V to Bangalore, otherwise your return will not be processed.

Thank you so much all