ITR IV
This query is : Resolved
11 October 2009
1. whether i can file ITR IV return for the assessment year 2007-08, now.
2. whether it is mandatory to pay the penalty under section 271 F (Rs.5000) along with the return itself or pay the same after Receiving the penalty order from the A.O.
3. Whether 3 years return can be submitted at a time (i.e., for A.Y 2007-08, 2008-09 and 2009-10).
2. whether it is mandatory to pay the penalty under section 271 F (Rs.5000) along with the return itself or pay the same after Receiving the penalty order from the A.O.
3. Whether 3 years return can be submitted at a time (i.e., for A.Y 2007-08, 2008-09 and 2009-10).
11 October 2009
1.Cannot file voluntarily since barred by time.
2.Penalty couldnot be paid for want of demand.
3. No. A.Y 2007-08 is time barred.
2.Penalty couldnot be paid for want of demand.
3. No. A.Y 2007-08 is time barred.
12 October 2009
1.The last date to file ITR for 07-08 was 31/03/09 . So its time barred now .
You can definitely file ur return now voluntarily , there no issue with that .
If u cannot file your return after the last date of filing of return 271F would not be there in the Income Tax Act .:)
2. Its not necessary that 271F will be levied . First there has to be a tax due for 271F to be levied . Secondly try and save yourself u/s 273B if at all you get a show cause for 271F. In any case , penalty need not be paid wth the return .
3. Yes it can be submitted .
You can definitely file ur return now voluntarily , there no issue with that .
If u cannot file your return after the last date of filing of return 271F would not be there in the Income Tax Act .:)
2. Its not necessary that 271F will be levied . First there has to be a tax due for 271F to be levied . Secondly try and save yourself u/s 273B if at all you get a show cause for 271F. In any case , penalty need not be paid wth the return .
3. Yes it can be submitted .
12 October 2009
1. It is possible to file ROI in case you are eligible to claim Refund A.Y. 2007-08 by following process of Condonetion of Delay and then filing ROI.
2. as per Rajeev Sir.
3. If Condonetion is obtained, yes else as per Chakrapani Sir.
For your info.
Instruction No. 13/2006, dated 22-12-2006
1. The procedure for dealing with the applications for condonation of delay in filing returns and claiming refund is presently governed by the Board’s earlier Orders/Circulars issued under section 119(2)(b) of the Income-tax Act, 1961, namely, F. No. 225/208/93-ITA-II, dated 12-10-1993, read with Board’s Circular No. 670, dated 26-10-1993 issued from F. No. 225/208/93-ITA-II, Circular No. 8/2001, dated 16-5-2001 issued from F. No. 212/35/99-ITA-II and also Instruction No. 12/2003, dated 30-10-2003 issued from F. No. 212/338/2002-ITA-II.
2. In modification to earlier Instructions/Circulars, this Instruction vests the Chief Commissioners of Income-tax (CCsIT) with powers for acceptance/rejection of applications/claims under section 119(2)(b) for condonation of delay in filing return involving refund claims above Rs. 10,00,000 and up to Rs. 50,00,000. It also vests the Commissioners of Income-tax (CsIT) with powers of acceptance/rejection of applications/claims under section 119(2)(b) for condonation of delay in filing return involving refund claims up to Rs. 10,00,000.
3. The applications/claims under section 119(2)(b) for condonation of delay involving refund claims exceeding Rs. 50,00,000 would continue to be processed by Central Board of Direct Taxes, both for acceptance and rejection.
4. No fresh application for claim of refund will be entertained beyond six years from the end of the assessment year for which the application/claim is made.
5. The powers of acceptance/rejection within the monetary limits delegated to the CCsIT/CsIT would be subject to the following conditions:—
(a) The refund has arisen as a result of excess tax deducted/collected at source and payments of advance tax under the provisions of Chapters XVII-B, XVII-BB and XVII-C respectively and the amount of refund does not exceed Rs. 50,00,000 in respect of CCsIT and Rs. 10,00,000 in respect of CsIT for any one assessment year;
(b) The income of the assessee is not assessable in the hands of any other person under any of the provisions of the Act; and
(c) No interest will be admissible on the belated refund claims.
6. At the time of considering the case under the provisions of section 119(2)(b), it should be ensured that the income declared and refund claimed are correct and genuine and also that the case is of genuine hardship on merits.
7. The CCsIT/CsIT are empowered to direct the Assessing Officer to make necessary enquiries or scrutinize the case in accordance with provisions of the Income-tax Act to ascertain the correctness of the claim.
8. This instruction will also cover those applications/claims for condonation of delay under section 119(2)(b) which are pending as on the date of issue of this instruction.
Thankx
2. as per Rajeev Sir.
3. If Condonetion is obtained, yes else as per Chakrapani Sir.
For your info.
Instruction No. 13/2006, dated 22-12-2006
1. The procedure for dealing with the applications for condonation of delay in filing returns and claiming refund is presently governed by the Board’s earlier Orders/Circulars issued under section 119(2)(b) of the Income-tax Act, 1961, namely, F. No. 225/208/93-ITA-II, dated 12-10-1993, read with Board’s Circular No. 670, dated 26-10-1993 issued from F. No. 225/208/93-ITA-II, Circular No. 8/2001, dated 16-5-2001 issued from F. No. 212/35/99-ITA-II and also Instruction No. 12/2003, dated 30-10-2003 issued from F. No. 212/338/2002-ITA-II.
2. In modification to earlier Instructions/Circulars, this Instruction vests the Chief Commissioners of Income-tax (CCsIT) with powers for acceptance/rejection of applications/claims under section 119(2)(b) for condonation of delay in filing return involving refund claims above Rs. 10,00,000 and up to Rs. 50,00,000. It also vests the Commissioners of Income-tax (CsIT) with powers of acceptance/rejection of applications/claims under section 119(2)(b) for condonation of delay in filing return involving refund claims up to Rs. 10,00,000.
3. The applications/claims under section 119(2)(b) for condonation of delay involving refund claims exceeding Rs. 50,00,000 would continue to be processed by Central Board of Direct Taxes, both for acceptance and rejection.
4. No fresh application for claim of refund will be entertained beyond six years from the end of the assessment year for which the application/claim is made.
5. The powers of acceptance/rejection within the monetary limits delegated to the CCsIT/CsIT would be subject to the following conditions:—
(a) The refund has arisen as a result of excess tax deducted/collected at source and payments of advance tax under the provisions of Chapters XVII-B, XVII-BB and XVII-C respectively and the amount of refund does not exceed Rs. 50,00,000 in respect of CCsIT and Rs. 10,00,000 in respect of CsIT for any one assessment year;
(b) The income of the assessee is not assessable in the hands of any other person under any of the provisions of the Act; and
(c) No interest will be admissible on the belated refund claims.
6. At the time of considering the case under the provisions of section 119(2)(b), it should be ensured that the income declared and refund claimed are correct and genuine and also that the case is of genuine hardship on merits.
7. The CCsIT/CsIT are empowered to direct the Assessing Officer to make necessary enquiries or scrutinize the case in accordance with provisions of the Income-tax Act to ascertain the correctness of the claim.
8. This instruction will also cover those applications/claims for condonation of delay under section 119(2)(b) which are pending as on the date of issue of this instruction.
Thankx
13 October 2009
Juzer ,
No provision in Income Tax says that Income tax return cannot be filed after the limitation period . The procedure that has been explained by you is for condonation of delay for refunds in returns which are time barred .
So when a person feels the need to file a return , obviously there is a tax due or refund due . I think in both these cases returns can be filed .
Condonation of delay is for filing of returns with refunds claim .
the above instructions were issued prior to 271F i guess.
No provision in Income Tax says that Income tax return cannot be filed after the limitation period . The procedure that has been explained by you is for condonation of delay for refunds in returns which are time barred .
So when a person feels the need to file a return , obviously there is a tax due or refund due . I think in both these cases returns can be filed .
Condonation of delay is for filing of returns with refunds claim .
the above instructions were issued prior to 271F i guess.
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13 October 2009
Dear Rajeev Sir,
You are correct, its only case where the assessee is eligible to claim refund, I am not aware the procedure for filing time bared return in other case. Even AO refuse to entertain such case. In case of tax payable the ITO is not taking ROI but you can say letter enclosing ITRs and other info. We cant term it as ROI.
Please clarify this.
Thanks for your advice.
You are correct, its only case where the assessee is eligible to claim refund, I am not aware the procedure for filing time bared return in other case. Even AO refuse to entertain such case. In case of tax payable the ITO is not taking ROI but you can say letter enclosing ITRs and other info. We cant term it as ROI.
Please clarify this.
Thanks for your advice.
15 October 2009
Juzer ,
First of all, it depends on the urgency of the issue, whether its really very important for you or for your client to file the return.
Assuming its important lets analyze the provisions of 139(4):-
Any person who has not furnished a return within the time allowed to him under sub-section (1), or within the time allowed under a notice issued under sub-section (1) of section 142, may furnish the return for any previous year at any time before the expiry of one year from the end of the relevant assessment year or" before the completion of the assessment", whichever is earlier
A rider is put by the words "before the assessment is made"
Now its really a stretch to imagine that the words "before the assessment is made " will increase the time limit to file a return forever but it really would not be a stretch to imagine that the return can be filed till probably the time limit to issue a notice u/s 148 (for assessment )/153A is allowed . Here the words "before assessment is made" would be deemed to be "before assessment could be made under provisions of IT"
The above explanation, if seems logical to you , read further :-
In one of the case i handled , the client had some huge income which was to be assessed to tax but return was not filed and it was very important to file return The problem was how do i file a return barred by time?
I produced some fresh facts before the CIT , requested him to issue a notice for assessment u/s 148 . then filed the return under the covering letter of the notice.
Since explanation 2 of 148 provides this rider:-
Explanation 2.For the purposes of this section, the following shall also be deemed to be cases where income chargeable to tax has escaped assessment, namely:
(a) where no return of income has been furnished by the assessee although his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax ;
Other formal procedure is to request the AO/CIT to relax the time limit because of a reasonable cause .
other than the mentioned above , i dont think any instructions have been issued by the board for filing u/s 139(4)
IT SHOULD BE HOWEVER NOTED that it should be used only in extraordinary situations under the guidance of some good professional or the conclusions can be horrible .
PS:- i solved that case with huge difficulty but my purpose was solved :)
First of all, it depends on the urgency of the issue, whether its really very important for you or for your client to file the return.
Assuming its important lets analyze the provisions of 139(4):-
Any person who has not furnished a return within the time allowed to him under sub-section (1), or within the time allowed under a notice issued under sub-section (1) of section 142, may furnish the return for any previous year at any time before the expiry of one year from the end of the relevant assessment year or" before the completion of the assessment", whichever is earlier
A rider is put by the words "before the assessment is made"
Now its really a stretch to imagine that the words "before the assessment is made " will increase the time limit to file a return forever but it really would not be a stretch to imagine that the return can be filed till probably the time limit to issue a notice u/s 148 (for assessment )/153A is allowed . Here the words "before assessment is made" would be deemed to be "before assessment could be made under provisions of IT"
The above explanation, if seems logical to you , read further :-
In one of the case i handled , the client had some huge income which was to be assessed to tax but return was not filed and it was very important to file return The problem was how do i file a return barred by time?
I produced some fresh facts before the CIT , requested him to issue a notice for assessment u/s 148 . then filed the return under the covering letter of the notice.
Since explanation 2 of 148 provides this rider:-
Explanation 2.For the purposes of this section, the following shall also be deemed to be cases where income chargeable to tax has escaped assessment, namely:
(a) where no return of income has been furnished by the assessee although his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax ;
Other formal procedure is to request the AO/CIT to relax the time limit because of a reasonable cause .
other than the mentioned above , i dont think any instructions have been issued by the board for filing u/s 139(4)
IT SHOULD BE HOWEVER NOTED that it should be used only in extraordinary situations under the guidance of some good professional or the conclusions can be horrible .
PS:- i solved that case with huge difficulty but my purpose was solved :)
15 October 2009
Dear Rajeev Sir,
Thanks for your response.
I get what u are trying to explain and just a small correction the explained provision is explanation 2 of Section 147 of IT Act.
Thank you very much.
Well, I have found the same thing from my Friend who is in our Tax Dept.
Thanks again.
Thanks for your response.
I get what u are trying to explain and just a small correction the explained provision is explanation 2 of Section 147 of IT Act.
Thank you very much.
Well, I have found the same thing from my Friend who is in our Tax Dept.
Thanks again.
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