in case of refund, AY 2013-14 but not fil the return.
This query is : Resolved
12 September 2016
in case of refund, is there for AY 2014-15 but not file the return after due date . but presently, how to file the return for the AY 2014-15 and how to taken the refund.
12 September 2016
Dear Sandeepa,
U cannot file the return for AY 2013-14 or 14-15 as due date is passed.
You can contact your AO and request him for the same
Message likes :
1 times
14 October 2016
dear sir,
in case of any share transaction is more than 3 cror crossed in FY 2015 16 . this is tax audit or not . if any CA is required in the FY. please advice sir
29 July 2024
Here’s a detailed explanation regarding your queries related to tax refunds, late filing of returns, and tax audit requirements:
### **1. Refund for Assessment Year (AY) 2013-14 When Return Was Not Filed**
**1.1. Filing of Return for AY 2013-14:**
- **Refund Eligibility:** If you have not filed your return for AY 2013-14 and are expecting a refund, it is crucial to note that generally, refunds can only be processed if the return has been filed. Refunds for AY 2013-14 cannot be claimed if the return is not filed, as the return needs to be submitted within the statutory deadlines.
- **Time Limits:** The time limit for filing a belated return for AY 2013-14 under the Income Tax Act, 1961, was typically one year from the end of the relevant assessment year. Since AY 2013-14 corresponds to FY 2012-13, the last date to file a belated return would have been March 31, 2015. As this period has long expired, you are unlikely to claim a refund for AY 2013-14 now.
### **2. Filing a Return for AY 2014-15 and Claiming Refund**
**2.1. Filing a Late Return:**
- **Belated Return:** For AY 2014-15, which corresponds to FY 2013-14, you can still file a belated return if the due date has passed. The due date for filing a belated return was generally one year from the end of the relevant assessment year. Thus, the last date to file a belated return for AY 2014-15 would have been March 31, 2016. Since this period has also passed, you need to file the return under a ‘revised’ or ‘condonation’ request if the tax authorities accept it.
- **Procedure:** You would need to file a belated return for AY 2014-15 via the Income Tax e-filing portal. Ensure you provide accurate details and justify the delay if required.
**2.2. Claiming Refund:**
- **Refund Process:** Once the belated return is filed and accepted, the refund will be processed based on the tax computation provided in your return. You should receive the refund through the same method you used to make the tax payment or as per your bank account details mentioned in the return.
### **3. Tax Audit Requirement for FY 2015-16**
**3.1. Tax Audit Applicability:**
- **Threshold Limits:** For FY 2015-16 (Assessment Year 2016-17), the threshold for a tax audit under Section 44AB of the Income Tax Act is as follows:
- If the total sales, turnover, or gross receipts exceed ₹1 crore.
- If you are engaged in the business of accountancy or auditing, the limit might be different.
- **Share Transactions:** If you have share transactions exceeding ₹3 crore in FY 2015-16, this might necessitate a tax audit if these transactions are related to trading or business operations. However, if it involves only capital gains from investments, it does not automatically trigger a tax audit unless it’s part of a business activity.
- **Audit Requirement:** If your total turnover or gross receipts exceed ₹1 crore or meet any other criteria stipulated under Section 44AB, you would need to get your accounts audited by a Chartered Accountant.
**3.2. Professional Assistance:**
- **Engage a CA:** If a tax audit is required, it is mandatory to engage a Chartered Accountant to ensure compliance with tax laws and accurate reporting.
### **Summary:**
1. **Refund for AY 2013-14:** Generally not possible without filing the return within the allowed time frame.
2. **Filing and Refund for AY 2014-15:** File a belated return through the e-filing portal; if accepted, refund will be processed accordingly.
3. **Tax Audit for FY 2015-16:** If turnover exceeds ₹1 crore or if transactions are related to business activities, a tax audit may be required. Engage a Chartered Accountant if needed.
If you need further assistance or specific advice tailored to your situation, it’s a good idea to consult with a tax professional or Chartered Accountant.
### **1. Refund for Assessment Year (AY) 2013-14 When Return Was Not Filed**
**1.1. Filing of Return for AY 2013-14:**
- **Refund Eligibility:** If you have not filed your return for AY 2013-14 and are expecting a refund, it is crucial to note that generally, refunds can only be processed if the return has been filed. Refunds for AY 2013-14 cannot be claimed if the return is not filed, as the return needs to be submitted within the statutory deadlines.
- **Time Limits:** The time limit for filing a belated return for AY 2013-14 under the Income Tax Act, 1961, was typically one year from the end of the relevant assessment year. Since AY 2013-14 corresponds to FY 2012-13, the last date to file a belated return would have been March 31, 2015. As this period has long expired, you are unlikely to claim a refund for AY 2013-14 now.
### **2. Filing a Return for AY 2014-15 and Claiming Refund**
**2.1. Filing a Late Return:**
- **Belated Return:** For AY 2014-15, which corresponds to FY 2013-14, you can still file a belated return if the due date has passed. The due date for filing a belated return was generally one year from the end of the relevant assessment year. Thus, the last date to file a belated return for AY 2014-15 would have been March 31, 2016. Since this period has also passed, you need to file the return under a ‘revised’ or ‘condonation’ request if the tax authorities accept it.
- **Procedure:** You would need to file a belated return for AY 2014-15 via the Income Tax e-filing portal. Ensure you provide accurate details and justify the delay if required.
**2.2. Claiming Refund:**
- **Refund Process:** Once the belated return is filed and accepted, the refund will be processed based on the tax computation provided in your return. You should receive the refund through the same method you used to make the tax payment or as per your bank account details mentioned in the return.
### **3. Tax Audit Requirement for FY 2015-16**
**3.1. Tax Audit Applicability:**
- **Threshold Limits:** For FY 2015-16 (Assessment Year 2016-17), the threshold for a tax audit under Section 44AB of the Income Tax Act is as follows:
- If the total sales, turnover, or gross receipts exceed ₹1 crore.
- If you are engaged in the business of accountancy or auditing, the limit might be different.
- **Share Transactions:** If you have share transactions exceeding ₹3 crore in FY 2015-16, this might necessitate a tax audit if these transactions are related to trading or business operations. However, if it involves only capital gains from investments, it does not automatically trigger a tax audit unless it’s part of a business activity.
- **Audit Requirement:** If your total turnover or gross receipts exceed ₹1 crore or meet any other criteria stipulated under Section 44AB, you would need to get your accounts audited by a Chartered Accountant.
**3.2. Professional Assistance:**
- **Engage a CA:** If a tax audit is required, it is mandatory to engage a Chartered Accountant to ensure compliance with tax laws and accurate reporting.
### **Summary:**
1. **Refund for AY 2013-14:** Generally not possible without filing the return within the allowed time frame.
2. **Filing and Refund for AY 2014-15:** File a belated return through the e-filing portal; if accepted, refund will be processed accordingly.
3. **Tax Audit for FY 2015-16:** If turnover exceeds ₹1 crore or if transactions are related to business activities, a tax audit may be required. Engage a Chartered Accountant if needed.
If you need further assistance or specific advice tailored to your situation, it’s a good idea to consult with a tax professional or Chartered Accountant.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- GST ON EXPORT COMMISSION
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
