Monday, June 22, 2015

[aaykarbhavan] Re: {Amresh's CA's} Re: [Thane CAs] AN OPPORTUNITY TO FILE 6 YEAR ITR WHERE TDS REMAIN UNCLAIMED



Think 100 times. Your guess work is correct .
But you can file, it may be treated belated returns. IT department may issue notice  u/s 147 , 148 .. for reopening the case. Thus you may get assessment order etc.
Shah D J



On Sunday, 21 June 2015 3:56 AM, "mohamed shafi shafi78647@yahoo.com [ICAI_CIRC_MEERUT_CA]" <ICAI_CIRC_MEERUT_CA@yahoogroups.com> wrote:


 
This is the case where refund is due. 
In case a company which is exempted for first  5 years as the unit was put up in Utranchal, did not file any return for the first four years. Initial years the company was making loses and can this company file for the past six years.?

Mohamed Shafi


From: "Nitesh More moreassociate@gmail.com [ThaneCAs]" <ThaneCAs@yahoogroups.com>
To: ThaneCAs@yahoogroups.com
Sent: Wednesday, 17 June 2015 7:48 AM
Subject: [Thane CAs] AN OPPORTUNITY TO FILE 6 YEAR ITR WHERE TDS REMAIN UNCLAIMED

 

AN OPPORTUNITY TO FILE 6 YEAR ITR WHERE TDS REMAIN UNCLAIMED.

CA AMRESH VASHISHT,MEERUT


Presently , An  Assessee Can only file return for last 2 years and claim refund if any due and not beyond that. In case he missed to file return within prescribe timeline he has no choice other than to forget his refund claim. Income Tax Department in Latest circular No 9/ 2015  has guided on how an assessee who has failed to file return and claim Refund according to section 119(2) (B) can now make an application and get Refund due up to last 6 Assessment years.
 
 
 STEP ONE : FILE AN APPLICATION
 In case the amount is less than Rs 10 Lacs CsIT for any one assessment year.  The Application shall be made to the Pr.CsIT/CIT.  CIT will review the application & communicate with reason acceptance/rejection of such applications/claims.--In case the amount is more than Rs 10 Lacs the Application to be made to Chief Commissioner of Income Tax--In case the amount is more than Rs 50 Lacs then to CBDT.
 
STEP TWO ;YOU  MAY FILE ITR UPTO LAST 6 YEARS
  Condonation Application can be file up to six previous years---Even Loss can be Claimed for Carry forward---The officer will be ensured that the income/loss declared and /or refund claimed is correct and genuine and also that the case is of genuine hardship on merits.
 
STEP THREE; CLEARENCE FROM AUTHORTIES
 The power of accepting or rejecting the Condonation Application of Delay shall be subject to following Condition that The Income of Assessee is not assessable in the hands of other person under any provision of Income Tax Act. Further  No Interest will be admissible on belated claim of Refunds  and The Refund has arisen due to excess payment of Advance Tax or Self-Assessment Tax or due to excess deduction of TDS.

STEP FOUR ; SUPPLEMENTARY CLAIMS
  A belated application for supplementary claim of refund (claim of additional amount of refund after completion of assessment for the same year) can be admitted for con donation provided other conditions as referred above are fulfilled.  Assessee will not receive interest on belated claim of refunds.
 
STEP FIVE: CUMULATIVE ITEREST BEYOND SIX YEARS
 In the case of 8% Savings (Taxable) Bonds, 2003 issued by Government of India opting for scheme of cumulative interest on maturity but has accounted interest earned on mercantile basis and the intermediary bank at the time of maturity has deducted tax at source on the entire amount of interest paid without apportioning the accrued interest/TDS, over various financial years involved, the time limit of six years for making such refund claims will not be applicable -

CA AMRESH VASHISHT from Meerut is a CC Aspirant from Central Region seeks for your support and blessings. Store 9837515432 in your mobile and whatsapp your name and city for regular updates on your personal account.
 
 
 
 
 
 
 
 
 


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Thanks & Regards
,   
 
CA AMRESH VASHISHT, FCA, LLB, DISA (ICAI)
Member,ICAI- Regional Research Committee 2013-14
Member,ICAI- Committee For DIRECT TAXES 2011-12

1 1 5, Chappel Street, Meerut Cantt, UP, INDIA.
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Posted by: Dipakkumar Shah <cadjshah@yahoo.com>


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