Income tax
NITIN SHARMA (LL.M.)
(Querist) 02 July 2013
This query is : Resolved
Dear Sir,
There is an assessee who is a work contractor. In FY 2010-11 his gross receipts were 1500000/- and tds deducted thereon is Rs. 15000/-. He did not file his IT return for the relevant year.
Now he has received an non-statutary intimation from department asking him that he has received the sum of Rs. 15 lacs in fy 2010-11.
How is the idea if I make responce to that intimation by stating that the sum stated in intimation is gross receipts of work contract business and as the assesssee's net profit was below the exemption limit, therefore he did not filed his return.
If the department issues next intimation asking him to file return then assessee's return can be file by opting section 44AD which will come below the exemption limit.
Please advise me.
C. P. CHUGH
(Expert) 03 July 2013
Hi Nitin,
Since you have been served a notice to submit your return, Now you have only option to submit it with in the time specified in the notice, otherwise you may also be liable for penalty.
As total receipts of the assessee are less than the sum specified u/s 44AB, he is at liberty to file his return under deeming provisions of section 44AD and he shall not be required to maintain any books of accounts. However he has to satisfy the AO about the genuineness and correctness of the turnover.
Rajendra K Goyal
(Expert) 03 July 2013
Agree with the expert, File the return in given time as per notice.
NITIN SHARMA (LL.M.)
(Querist) 03 July 2013
Sir, there is not any section specified in intimation under which it is issued, thus can we file return in responce to a simple intimation?
C. P. CHUGH
(Expert) 03 July 2013
Still it is better for you, you have been issued notice inquiring whether or not you have filed your return. First file the return and then in reply to notice attach copy of receipt.
NITIN SHARMA (LL.M.)
(Querist) 03 July 2013
As the return of AY 2011-12 has been time-barred, thus whether I have to file return at commissioner office with an application u/s 119(2)b
or
Still it can be directly file at local ITO office.
Sir, I would be very greatful to you, if you could provide me your contact no.
Thanks and regards
prabhakar singh
(Expert) 03 July 2013
He is very categorical and not looking for elusive answers.
Raj Kumar Makkad
(Expert) 03 July 2013
It seems that his concern was just to post the query and leave the issue for the experts to devote their time and energy for him.
Raj Kumar Makkad
(Expert) 03 July 2013
Until the author do not take interest in the replies, no fruitful purpose can be served.
NITIN SHARMA (LL.M.)
(Querist) 04 July 2013
I was asking from Sh. C. P. Chugh, that whether I have to file application u/s 119(2)b for delay condone or still I can directly submit a time barred return at local income tax office ?
C. P. CHUGH
(Expert) 04 July 2013
No return can be filed after due date has lapsed unless it is asked for by the department by issuing a notice u/s 142(1). A person can file a belated return with the local office along with an application under section 119(2)(b) requesting the Jurisdictional commissioner to condone delay in filling the return. On Satisfaction, He may allow the same to be filed. But always keep in mind, there is a tendency of the department to assess all such belated returns u/s 143(3) of the Act.
NITIN SHARMA (LL.M.)
(Querist) 04 July 2013
Chugh Sir, In the above case a you advised to file return, then under which section it would be submit?
DILIP KUMAR AAGARWAL
(Expert) 05 July 2013
you have not stated the requirement of notice and if the notice simply stated about the recipt of Rs.15 lakh then write a letter to the officer asking him what he want then only proced. it may be a fack notice and if it is geniune notice then it good opprtunity to file return and get you TDS back. Department cannot do anything.
