AFVOA Newsletter of Year 2021

Section 3 – Value Add / Special Tasks CV 2 No. 01 / 2021 Page 21 of 123 On expected lines, though within a very short period of less than a week, the IT Dept has approved AFVOA’s ITR for FY 2019-20 and had initiated a refund of Rs 18,160 on Mar 30, 2021, including Rs 90 towards interest from the Government. This means the following : 1. There is no uncertainty any more about our IT status. The Damocles Sword has vanished magically. Regular filing of annual ITR is the secret trick. 2. In the context of a registered AOP like ours, we now know very well what constitutes as our income, what is taxable, what is not, what to show in ITR et al. 3. Going by our experience for FY 2019-20, can we claim refund of all the TDS done by the IT Dept for the previous years? Yes and No. There is a technical glitch here. Unless there are open e-Notices against AFVOA for the previous years, the online IT Utility will not permit filing of the ITR for the previous years, which is the only way to claim refunds from the IT Department. It is understood that the IT Commissioner has powers to reopen upto six previous years. AFVOA would need to find a way out for getting e-Notices for the previous years, probably the only organization asking the IT Dept to issue notices against it! AFVOA can, AFVOA will ! 4. What could have been done better by the preceding Committees? According to the senior Consultant, not filing ITRs especially when TDS are effected is a crime, when the Association is served by accounting professionals. AFVOA wouldn’t have landed in this situation if ITRs had been filed regularly (and correctly) in all years when TDS had been effected by the banks on our interest income. 5. As in the case of our personal health, there is no harm in seeking a second opinion, may be a third too, on matters pertaining to the financial health of the Association. Experience is what experience does…. Mr A Bhaskaran, a Chennai based Chartered Accountant of 40 years standing, found a magical solution for a problem that plagued the members of successive Managing Committees of AFVOA for almost a decade, and that which imposed an indirect burden of guilt on them. The members of the Managing Committee would like to place on record their collective gratitude to him. As a spin-off of the recent development, the Managing Committee is now considering the possibilities of reopening the ITRs of previous years, falling within the purview of the powers of the IT Department. More on it in the coming months. In sum and summary, the present M C has done a David on the unreal and perceived IT threat of Goliath, once and for all! The M C is justifiably proud and delighted to have