Income Tax Return can be filed for 6 Assessment Years to Claim TDS Refund

Missed out to claim refund for past years? We all are aware that for last 2 years, we have options to file Income Tax Return and claim our refund.    However, if claim is for beyond 2 years then what option we have? Forget such refund? The answer is NO. As we have already mentioned in our article, Claim refund even if there is delay in filing refund claim, with the coming of the Circular No. 9/2015, we can claim refund by filing Income Tax Return for last 6 Assessment Years. So, claiming refund beyond last 2 years is no more a nightmare. Thus, Income Tax Return can be filed for 6 Assessment Years to Claim TDS Refund.

Income Tax Department in the said circular has guided on how an assessee who has failed to file income tax return can claim refund. Now, make an application and get refund due up to last 6 Assessment years. For this, just follow the following simple steps and get your refund for last 6 AY:

STEP ONE: FILE AN APPLICATION

In case the amount is less than Rs 10 Lakhs for any one assessment year the application shall be made to the Pr.CsIT/CIT. CIT will review the application & communicate acceptance/rejection with reason of such applications/claims. In case the amount is more than Rs 10 Lakhs the application to be made to Chief Commissioner of Income Tax. In case the amount is more than Rs 50 Lakhs then to CBDT.

STEP TWO: CONDONATION UPTO 6 YEARS

Condonation Application can be file up to six previous years. It is to be noted that even loss can be claimed for carry forward. The officer will ensure that the income/loss declared and /or refund claimed is correct and genuine and also that the case is of genuine hardship on merits.

STEP THREE: CLEARANCE FROM AUTHORITIES

The power of accepting or rejecting the Condonation Application of Delay shall be subject to the condition that the Income of assessee is not assessable in the hands of other person under any provision of Income Tax Act. Further, no Interest shall be admissible on belated claim of refund and the refund has arisen due to excess payment of Advance Tax or Self-Assessment Tax or due to excess deduction of TDS.

STEP FOUR: SUPPLEMENTARY CLAIMS

A belated application for supplementary claim of refund (claim of additional amount of refund after completion of assessment for the same year) can be admitted for condonation provided other conditions as referred above are fulfilled.

STEP FIVE: CUMULATIVE INTEREST BEYOND SIX YEARS

In the case of 8% Savings (Taxable) Bonds, 2003 issued by Government of India opting for scheme of cumulative interest on maturity but has accounted interest earned on mercantile basis and the intermediary bank at the time of maturity has deducted tax at source on the entire amount of interest paid without apportioning the accrued interest/TDS, over various financial years involved, the time limit of six years for making such refund claims will not be applicable.

Claiming refund is thus, now possible for last 6 Assessment Years against 2 years. Once an application is filed to the appropriate authority and gets it approved then one can file its Income Tax Return to get your refund which was once not possible.

In cas you have any queries regarding tax refund, you can contact us at contact@munim.in or visit here.