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Income tax return

biswajitchandra (accountant) (69 Points)

06 August 2015

A SALARIED PERSON WHO HAD NOT BEEN FILED INCOME TAX RETURN SINCE LAST 3 YEAR'S BUT TDS HAS BEEN DEDUCTED FROM HIS SALARY AS PER U/S 192A &192B. INCOME TAX DEPARTMENT HAS SEND A LETTER BY GIVING REQUEST NOTICE TO MENTION THE DETAILS OF TDS & OTHER FINANCIAL ACTIVITY WHICH WAS MADE IN YOUR ACCOUNT FOR THE FINANCIAL YEAR 2012-13. AND HE ALSO NOT FIELD INCOME TAX RETURN FOR THE ASSESSMENT YEAR 2013-14 & 2014-15. WHAT SHOULD BE DONE IN RESPECT OF THE LETTER SEND BY THE INCOME TAX DEPARTMENT & NON FILLING OF INCOME TAX RETURN FOR THE FINANCIAL YEAR 2012-13.

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2 Replies

Dipjyoti Majumdar (CA in service & CS. dipmaj@ rediffmail.com ) (3468 Points)
Replied 06 August 2015

For AY 1415 -- you can file a belated ITR.

For earlier years, respond to the notice/letter showing the total income, tax thereon (fully covered by TDS from employer).

Nothing much to worry.

Regards,

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S. Shiroor (Others) (1207 Points)
Replied 07 August 2015

Now either 1) Tax credits - Tax Liability >0 in which case you get refunds

or 2) Tax credits - Tax Liability < 0 in which case you should pay Taxes with approriate int

Once the tax payer files returns means he is making the above equation [applicable to him] as

3) Tax credits - Tax liability =0

Taxpayer files the returns and the Taxman scrutinizes the return . Both of them help to make equation 1 or 2 reduce to equation 3. Once equation 3 is achieved the process is complete.

The salaried person has got tax credit does not mean that equation 3 is achieved unless you have proved it to taxman. For this obviously you have to file It return. One can file a belated return under section 139(4).

FY AY Date of filing Belated date

2012-13 2013-14 31/07/2013 31/03/2015

2013-14 2014-15 31/07/2014 31/03/2016

2014-15 2015-16 31/08/2015 31/03/2017

First thing is not to panic. For AY 2013-14 you can prepare a manual return attach 26AS printout and see the tax liability -if there is a refund good if not pay the the tax with appropriate interest. Reply to concerened AO with manual tax return and 26AS.

File Return for AY 2014-15 and AY 2015-16 online and see the equation 3 is achieved.

Happy filing and cheers. Just kill the tension and be happy.

Shiroor

Structural Consultant for design of Bridges.