Urgent

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

06 January 2013 Dear Sir,
I am a furniture manufacturer. In AY 2010-11, I did not file my IT return because in that year my timber purchase was Rs. 3258000/- and my sales were only Rs. 2315000/-, therefore to avoid any query about investment in purchase, I preferred not to file my return.
Now I have received and intimation from local office, stating that -

You have received a sum of Rs. 1782660/- in AY 2010-11, and you have not filed any return for the same year. If you have filed any return for the relevant AY, then provide its copy within 3 days from the receipt of this intimation. This is not a statutary notice.

Thereafter, I checked my form 26as for AY 2010-11, and found that it is reflecting the sum of Rs. 1782660/-, which was my timber purchase from forest department and forest department deducted TCS thereon. This sum is equal to sum stated in intimation.

Now please guide me on following points -

1. When this is my business expenditure, then why is department saying it as receipts.

2. Whether I can file return for the AY 2010-11, even after it has been time barred.

3. I should file return online or manually.

4. Practically, I should show my purchase which is being reflected in form 26AS
or I should show the whole purchase.

Please advice me proper remedy, I would be very greatful to you.
Thanks in advance.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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06 January 2013 1. What the department is saying is -"Sleep of Tongue". They may mould the situation in its correct form.
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2& 3.You can not file the return unless so told in the notice.
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4. Show purchases to the extent you are having supporting in the form of Bills, Bank Transaction etc. Have a consultation with your CA in this regard.
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