Rajesh Dash (Professional) 13 July 2011

IT Refund

Dear Members,

If Income Tax return filled after due date e.i in 20^th of August-2010 for A.Y.10-11, and later it realized that wrong information has been provided hence it has revised in Sep-10, claiming some refund, but CPC forward the same to the Judiciary of the assesses and now the ITO says the assesses can’t get the refund because the original has been filled after due date.

Can you help how to get the refund, what the sections applicable for going forward?

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3 Replies

A V Vishal (Advocate) 13 July 2011

What are the true facts in your case, however, the ITO is correct that the return cannot be revised if the original is filed delayedly as in your case. Only based on facts further advise can be given.

Rajesh Dash (Professional) 14 July 2011

Sir,

There is nothing hided, the original IT has filled more net profits please find the detail below.

Gross Receipt (Sales) 3500000.00

Direct Expenses. 2625000.00

Gross Profit. 875000.00

Indirect Expenses. 545877.00

Net Profit. 329123.00

Deductions U/s 80C. 50000.00

Taxable Income. 279123.00

Tax total income. 279123-160000=119123 Net Taxable

Tax. @10% is 119123 X10% 11912X 3%358=12270.00

TDS deducted is Rs.400000.00

Refund Rs.27730.00

(Above calculation according to the books of account)

But the Original return has filled with net profit

Original return has filled with a net profit of Rs.8,75,000.00

according to 44AD the Net proft should be. 280000.00

This is the story all about ,

Please suggest me how to processed .

Regards

R.Das

A V Vishal (Advocate) 15 July 2011

What is the nature of business/profession you carry on for which you are eligible for 44AD?

Further you have declared almost 25% as NP in the original return and whereas the revised return is for 8% u/s.44AD.

It is a matter of suspicion for the assessing officer and further worsen your case as he can re-open the case u/s.143(2) since the time limit for issuing notice for A Y 2010-11 is upto September 2011. He can ask you to produce the books of accounts for the year under review. Since the original return was filed beyond the stipulated time, the revised return filed by you is bad in law and no remedy lies against it.