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Last year income tax return filling

suvarna (CA final) (34 Points)

25 May 2012  

 

A Individual sub contractor didnot file his income tax return for A.Y 11-12 till 31.03.2012. for A.Y 11-12 . if he file return than he will get the refund for A.Y 11-12. Can he file return for A.Y 11-12 after 31.03.2012????.please help me as soon as possible.


 10 Replies

Rohit Srivastava (Article CA Final) (94 Points)
Replied 25 May 2012

The due date for Filing the ITR is 31st july of the relevant assesssment year. But for those assessees whose accounts are required to be audited the due date is 30th sep.

Even If assessee has not filed the return within due date he can file belated return u/s 139(4).The last date of filing belated Return is One year after the completion of relevant assessment year or before the best judgement assessment whichever is earlier i.e. for a.y 2011-12 last date is 31st mar 2013.

Their will not be any problem regarding refund if the return has been filed before the aforementioned date.

1 Like

Rohit Srivastava (Article CA Final) (94 Points)
Replied 25 May 2012

The due date for Filing the ITR is 31st july of the relevant assesssment year. But for those assessees whose accounts are required to be audited the due date is 30th sep.

Even If assessee has not filed the return within due date he can file belated return u/s 139(4).The last date of filing belated Return is One year after the completion of relevant assessment year or before the best judgement assessment whichever is earlier i.e. for a.y 2011-12 last date is 31st mar 2013.

Their will not be any problem regarding refund if the return has been filed before the aforementioned date.

Rohit Srivastava (Article CA Final) (94 Points)
Replied 25 May 2012

The due date for Filing the ITR is 31st july of the relevant assesssment year. But for those assessees whose accounts are required to be audited the due date is 30th sep.

Even If assessee has not filed the return within due date he can file belated return u/s 139(4).The last date of filing belated Return is One year after the completion of relevant assessment year or before the best judgement assessment whichever is earlier i.e. for a.y 2011-12 last date is 31st mar 2013.

Their will not be any problem regarding refund if the return has been filed before the aforementioned date.

Rohit Srivastava (Article CA Final) (94 Points)
Replied 25 May 2012

The due date for Filing the ITR is 31st july of the relevant assesssment year. But for those assessees whose accounts are required to be audited the due date is 30th sep.

Even If assessee has not filed the return within due date he can file belated return u/s 139(4).The last date of filing belated Return is One year after the completion of relevant assessment year or before the best judgement assessment whichever is earlier i.e. for a.y 2011-12 last date is 31st mar 2013.

Their will not be any problem regarding refund if the return has been filed before the aforementioned date.

CA JATINDER KAPOOR (JOB) (305 Points)
Replied 25 May 2012

if the return of income is less than basic exemption limit then filed ROI  & get the refund otherwise it is better not to file ROI.

Hope it is not a case of tax audit.

CA JATINDER KAPOOR (JOB) (305 Points)
Replied 25 May 2012

if the return of income is less than basic exemption limit then filed ROI  & get the refund otherwise it is better not to file ROI.

Hope it is not a case of tax audit.


(Guest)

Time Limit :

Refund shall be claimed within 1 year from the end of relevant A.Y

Claim after the statutory time limit

The A.O may admit the claim of refund after the expiry of statutory time limit, on satisfaction of the following conditions ( Instruction No.12 of 2003 Dated : 30.10.2003)

  1. Such refund arises due to excess tax deducted at source, tax collected at source and advance tax
  2. Amount of refund not > Rs.5 lac for any A.Y.
  3. Income of assessee not assessable in the hands of other person.
  4. The refund arises from the return of income filed for the first time, then refund shall be issued only after making regular assessment u/s.143(3)
  5. Such refund shall be related to a period of 6 A.Y prior to the current A.Y

 

Note : No interest shall be admissible on the belated refund claim.

A.O need to take prior permission of following authorities before entertaining a belated refund claim.

Refund <1 lac for any A.Y ---  The commissioner

Refund >1 lac <5Lac for any A.Y ---- The chief commissioner

Refund > 5 Lac --- The Board (CBDT)

 

Chief commissioner look and examine other aspects ( for deciding genuineness of the claims)

 ( Instruction No.1867, dated 30.11.1990)

  1. Source of income
  2. Whether  income returned reasonable
  3. Extent of profit disclosed
  4. Whether books of accounts maintained
  5. Any manipulation of accounts in the course of delayed filing of claim  of refund

 

Regards

1 Like

suvarna (CA final) (34 Points)
Replied 01 June 2012

Thanks  Rohit

 

CA Mohit Garg (CS Student) (212 Points)
Replied 29 September 2012

Ilayaraja...,

U have used the word statutory time limit. For Individual, here u means time limit is 31 july  or 31 st march.

Tanvi Ashar (CA Final) (33 Points)
Replied 03 July 2013

can a.y. 11-12's income tax return be filed if the income is below exemption limit and TDS is not excess i.e it is properly deducted.


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