Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

Can an individul file last 5 year it return??

lalit (accountant) (31 Points)

21 March 2014

One of my friend is a teaching Professional. He is Teacher in a Pvt. Classes. He has not filed returns since FY2009-10. He has TDS tax credit of 18000 to 20000 every year. After computation of income he may get 8000-10000 TDS refunds each year.

As on Today 21.03.2014, how many years can ITR be uploaded.?? He is ready to bear interest/penalty. shall he try to upload all 5years on IT Efiling? will IT department accept these returns? what are the clauses/section to keep in mind while filing return??? which ITR forms to be filed ITR 1 or ITR 4??

Reply
Follow
Share

21 Replies

Manoj Mehta (Head Of Department (Accounts & Finance)) (1479 Points)
Replied 21 March 2014

Dear Sir

Please refer to circular 4/2014 recently issued. Which says you can file your return from A.Y 2009-10 onwards if you are having refund status in your return. So file your return as soon as possible as the last date is 31.03.2014.

Secondly there will be no penalty and interest if you are having refund cases as mentioned by you.

Next, use ITR -1 and show the amount as other income (tution fees) in income from other source.

Regards

2 Like

Upgrade to CAclubindia Pro. Subscribe Now!

lalit (accountant) (31 Points)
Replied 21 March 2014

Dear Sir,

I am not able to find the Circular which u mentioned. Can u pls send LINK of this circular.

I have one question:

My friend has tax credit out of TDS @ 10% means TDS u/s194J. Even though can he file ITR-1 ...??

Pls reply soon. Thanks.

Manoj Mehta (Head Of Department (Accounts & Finance)) (1479 Points)
Replied 21 March 2014

Dear

Then show it as a profession under ITR4. In P&L just enter the gross amount in the last where it is writen " books not mainted".

and Circular is displayed on income tax site please visit on site. On the main screen itself.

Regards

1 Like

Deepak Gupta (CA Student) (15922 Points)
Replied 21 March 2014

Circular No. 04/2014, dated 10.02.14 only relaxes the date for sending the ITR-V for AY 09-10,10-11 and 11-12 till 31.03.14 for returns e-filed with refund claims within the time allowed u/s 139 of the act.
.
So, you can file belated return for F.Y. 2011-12 and for F.Y. 2012-13 only.

2 Like

ABHIJEET KULKARNI (ARTICLES) (21 Points)
Replied 21 March 2014

Agree with deepak gupta sir. You can file belated return only for FY 11-12 n FY 12-13.

Upgrade to CAclubindia Pro. Subscribe Now!

Neelam (Student) (65 Points)
Replied 21 March 2014

If there is no refund and no tax payable then too one can file return for last three years ?

sunny (ca ) (58 Points)
Replied 22 March 2014

Yes then also you can file return for last three years either there is refund or not..... @ neelam

CA and CMA Ravinder Singh (CA and CMA) (853 Points)
Replied 22 March 2014

I think there is some mis-intrepretation of circular.....it says filling of ITR-V i.e. Sending signed hard copy of ITR V to CPC ......u can file return for only two previous years i.e. 2011-12 & 2012-13.....nt three or five...

2 Like

CS Abhijeet soni Advocate (CS LLB MCOM MBA (FINANCE) MPHIL CA INTER PGDCA PGDA&PR ) (931 Points)
Replied 22 March 2014

100 percent agree with deepak gupta jee

1 Like

Bharat (student) (50 Points)
Replied 22 March 2014

Ravindrasinghji nd DIPAK guptaji is right. U can file only 2 years return I.e. a.y. 12-13 nd 13-14. Nd a.y. 12-13 return last date is 31 st march 2014. So hurryup...

Upgrade to CAclubindia Pro. Subscribe Now!

Nitin Vishwakarma (student) (242 Points)
Replied 22 March 2014

I agree with CMA RAVINDRA SINGH JI

lalit (accountant) (31 Points)
Replied 22 March 2014

Dear All,

I am thankful to all reply and opinion.

As per my knowledge... after e-filling of any ITR forms it generates ITR-V and this acknowledgement is to be submitted before 31.03.2014. Is this fulfil the Circular 4/2014 which says about ITR-V.. ???

As per all your reply and opinion, for a Professional Income Individual (like my friend).......... now i am planning to file IT return in ITR-1 for FY 2009-10 & FY2010-11 (as income from other sources) which i will e-file max by 23rd Mar... AND IT return in ITR-4 for FY 2011-12, FY 2012-13 and FY 2013-14 after 1month. Is this OK to do efiling this way..???

Thank you all,