Individual itr query

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hardik

40 Points Posted on 15 March 2014

Ram has not filled any return till date. He wants to file a return for AY12-13 & AY 13-14.

In AY 12-13 he has 700 tax payable &

In AY 13-14 he has 8500 tax refund.

Now he is filing both the returns together.

can he file the retun of Ay12-13 as payable and Ay 13-14 as refundable and recieve the balance amount as reund.

he doesnt want to pay 700 as he has refund of 8500 ...

Replies (2)

Manoj Mehta

Head Of Department (Accounts & Finance)

1272 Points Posted on 15 March 2014

Dear hardik

i suggest you with my experience to not to do the way you want to. It will create unncessary confusion in the mind of assessee and loss of reputation to you firm. Unethical behaviour in this profession.

File return for both the year with nil tax payable and refund.

Regards

CA Prashant Gupta

DGM (F & A)

6762 Points Posted on 20 March 2014

Dear Hardik you must file return on 2012-13 till 31st March 2014. because after that penalty of 271(F) will be applicable of Rs. 5000/- You must pay tax of Rs. 800/-. Income tax doesn't allow adjustment of two year tax for refund. So you must pay tax of Rs. 800/- with interest (as you have not deposited till date) for 2013-14 you will file return after 1st April in this you can claim refund.