Query on taxation plz help

Tax planning 1087 views 5 replies

ranjeet

article

33 Points Joined September 2011

dear all the members of caclubindia,i need help on this matter,i have recieved commission income from sahara credit cooperative soceity ltd. as per following details

a.y-2008-09 = rs.2855,tds deducted u/s 194h = rs.294

a.y-2009-10 = rs.7446,tds deducted u/s 194h = rs.759

a.y-2010-11 = rs. 9763,tds deducted u/s 194h = rs.976

a.y- 2012-13 = rs 47659 ,tds deducted u/s 194 = rs 4766

i have no other income except this and i never filed income tax return, my question is ,can i file income tax return in assessment year 2012-13,for all above mention A.Y and claim refund as my total income never crossed exemption limit in any of the A.Y.if yes what is its consequences, plz help

Replies (5)

Archana Das

CA Final student

622 Points Joined October 2010

You need not file a return because your income is not exceeding 500000 , as per new rules

u can submit form 15G/H for the deduction of TDS; so that u get back ur tax money (refund)

Guest

in your case u have to file your income tax return to claim refund bcoz u dont have any income other than as u mentioned. therefore, u refund will be same as tds deducted.

in the current year ie fy 2012-13 u have to submit form 15G/H to the sahara credit cooperative soceity ltd. if u submit the said form to the sahar credit coop soc ltd then they will not deduct tds on your income.

CA Mukul Mittal

CA in practice

384 Points Joined October 2009

Well, it will not be possible to file return for the year 2008-09 and 2009-10. but you can still file return for 2010-11 (belated return) and 2011-12. one thing more on I want to draw your attention is

IF THE ASSESSEE HAS THE INCOME EXCEEDING THE MAXIMUM AMOUNT CHARGEABLE TO TAX OR IS CLAIMING THE REFUND HE HAS TO FILE THE RETURN.

yuvak

Practising CA

144 Points Joined January 2010

Hi,

You may be able to file your AY 12-13 only as for AY 10-11, the return cannot be filed beyond 2 years of the AY. The e-filing software of IT Dept does not accept such outdated returns!!!

Also Form 15G/H would not work for you as the nature of your income (Commission) is not eligible for such a declaration.

Only way out would be to manually file the earlier returns with a cover letter pleading that your case be considered for a refund (and then keep your fingers crossed)...

Yuvak