How to Claim Income Tax Refund of Earlier Years

In India, most of us still file Income Tax Returns just to claim refunds of Taxes which are deducted by the payer of our Income i.e. Banks, Governments, Insurance Companies etc or taxes paid extra by us either at the time of Self Assessment or Advance. These taxes are refunded after filing of Income Tax returns.Now most of us even being well educated forget to file the Income Tax return or we don't have knowledge of the process to get the Income Tax refund. Many of the cases are still pending and there are a lot of persons who have refund of Lakhs of rupees but are not being able to get the refund due to non filing of Income Tax returns.

Circular of Condonation of Delay in Filing Claim of Refund

SECTION 119 OF THE INCOME-TAX ACT, 1961 - INCOME-TAX AUTHORITIES - INSTRUCTIONS TO SUBORDINATE AUTHORITIES - CONDONATION OF DELAY IN FILING REFUND CLAIM AND CLAIM OF CARRY FORWARD LOSSES UNDER SECTION 119(2)(b)

CIRCULAR 9/2015 [F.NO.312/22/2015-OT], DATED 9-6-2015

In supersession of all earlier Instructions/Circulars/Guidelines issued by the Central Board of Direct Taxes (the Board) from time to time to deal with the applications for condonation of delay in filing returns claiming refund and returns claiming carry forward of loss and set-off thereof under section 119(2)(b) of the Income-tax Act, (the Act) the present Circular is being issued containing comprehensive guidelines on the conditions for condonation and the procedure to be followed for deciding such matters.

Efiling ITR-2 and ITR 2-A now Available

We have recently provided the news that Efiling of ITR-1 and ITR-4S for the AY 2015-2016 has been started by the Income Tax Department, those who have missed the update can read it from following link: http://www.casamachar.com/2015/06/efiling-of-income-tax-return-for-ay.html.

Eligibility Norms for Chartered Accountants to Conduct Audit under Income Tax Act

As the due date for Audit u/s 44AB and Other Audit under Income tax is coming near, many of us are waiting for the schema and forms to file the Tax audit reports to the Income Tax Department. In most of the cases the Audit are already completed. We would like to bring this to the notice of our fellow Chartered Accountants that the Finance Act 2015 has changed the definition of  "Accountants" and has put some restrictions on Chartered Accountants to carry on Audit/attestation/certification for certain types of assessee. The Chartered Accountants will not be allowed to provide the services other than representation services to these assessee.

Allahabad Bank Stock Audit (AP or Telangana)

Source- pdicai.org

EMPANELMENT OF STOCK AUDITORS

Applications are invited from the Firms of Chartered Accountants for the purpose of Stock and Book Debts audit of accounts with various branches of Allahabad Bank in the states of Andhra Pradesh and Telangana. Those firms having branch (es) either in A.P. or in Telangana and are interested to empanel as Stock Auditors with Bank may submit application as per the format attached and the last date for receipt of the application at our office at the above address shall be 06.07.2015.

Efiling of Income Tax Return for AY 2015-2016 now Available

Income Tax Department has launched the Efiling Utility of ITR 1 and ITR 4S today on, 23rd of June, 2015. The schema for ITR 2 and 2A will be made available shortly.  The amended ITR forms are also available for downloading at the Income Tax Website.


To download the schema, visit the below mentioned link:

https://incometaxindiaefiling.gov.in/e-Filing/Services/DownloadSchemas.html

Below is the communication from Income Tax Department regarding new Income Tax Efiling Schema:

New Amended ITR Forms notified by Income Tax Departement for AY 2015-2016

CBDT via its Notification No. 49/2015/ F.No.142/1/2015-TPL has notified amended ITR Forms Sahaj ITR 1, ITR-2, ITR-2A and Sugam ITR-4S.

The forms can be downloaded from:

http://www.incometaxindia.gov.in/Pages/downloads/income-tax-return.aspx

Full Notification as Issued by Income Tax Department for new ITR Forms is given below for the reference: