Practical income tax query - help needed urgently

386 views 2 replies

Mohit

755 Points Joined November 2011

Dear All,

I filed a Belated return for one of the companies for FY 2013-14 yesterday i.e. 31st March 2015 (31st being the last day to file such return). It was a refund case of almost 2.2 Crores. I forgot to deduct one item as Admissible expense namely Provision for doubtful debts written back and as a result of which company is getting a refund of Rs 40 Lakhs less i.e. The company should have got a refund of Rs 2.6 Crores instead of Rs 2.2 Crores..

My query is can this Belated return be revised. If no, then can we claim this as an admissible expense next year's return as error or omission. If no, what is the best step that can be taken now?

Request you to help me out on this. Its very urgent.

Thank you

Mohit

Replies (2)

PSPSPS

Practicing

1344 Points Joined September 2012

At first Pls note that Provisions for B/debts are not allowed as Deductions. Only B/d W/off is allowed. However assuming that the B/d in your case is W/off. you can go for Rectification with your Jurisdictional ITO showing the Actual calculations of B/debts w/off once your Refund claim is approved & Asst Order comes to you & the ITO if satisfied will entertain your Claim & issue you Rectification & allow you additional Refund Due

Mohit

755 Points Joined November 2011

Hi PSPSPS... My query was Bad debts Proivision must have not been allowed in earlier years. So this year if I am writing it back it should not be charged to Income as well.. In the ITR I have forgotten to claim it as an Admissible expense. So now what should be the way forward?