It return 15-16

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

31 July 2017 Dear Experts,

my income has under IT Slab but in fy 15-16 my tds was deducted rs 1420 from from my fd
and now i would like to get refund such amount but in ay 16-17 i coud'nt claim such refund nor filled it return
now can i file return for fy 15-16 & claim such amt to get refund ?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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31 July 2017 you can file the belated return and claim the tax credit.

Querist : Anonymous

Querist : Anonymous (Querist)

31 July 2017 thanks sir, but , is it department charge some penalty for filing late return ?

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Asha Kanta Sharma

Asha Kanta Sharma

(Expert)
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02 August 2024 For the Financial Year (FY) 2015-16, if you did not file your Income Tax Return (ITR) for the Assessment Year (AY) 2016-17 and missed claiming the refund of TDS deducted on your Fixed Deposit (FD), you can still take steps to rectify the situation. Here's how you can go about it:

### Steps to File a Late Return and Claim Refund

1. **Filing a Belated Return:**
- **Eligibility:** You can file a belated return under section 139(4) of the Income Tax Act. This provision allows you to file a return even after the due date.
- **Deadline for Belated Return:** For FY 2015-16, the last date to file a belated return was March 31, 2018. However, if you are still within the extended period of 2 years from the end of the assessment year (AY 2016-17), you can file a belated return. As of now, this period has passed, so you should consult with a tax professional for the current status.

2. **Prepare the Return:**
- **Form to Use:** Use ITR-1 or the applicable form for your type of income to file the belated return.
- **Include TDS Details:** Make sure to include the details of the TDS deducted on your FD and claim a refund for the amount.

3. **Penalty for Late Filing:**
- **Penalty Under Section 234F:** For returns filed after the due date but within the extended period, a penalty under section 234F may apply. The penalty amounts are:
- ₹5,000 if the return is filed after the due date but before December 31 of the assessment year.
- ₹10,000 if the return is filed after December 31 but before March 31 of the assessment year.
- **No Penalty if Filed Within Extended Period:** If the return is filed within the extended period (as specified by the Income Tax Act), the penalty may not be applicable, but you might still face a nominal penalty.

4. **Submit the Return:**
- **Online Filing:** You can file the return online through the [Income Tax e-Filing Portal](https://www.incometax.gov.in/iec/foportal/).
- **Manual Filing:** Alternatively, you can file the return manually by visiting your local Income Tax Office.

5. **Track the Refund:**
- After filing the belated return, monitor the status of your refund through the Income Tax e-Filing Portal or by contacting the Income Tax Department.

### Summary

- **File a Belated Return:** You can still file a belated return under section 139(4) to claim the TDS refund. The deadline for filing a belated return for FY 2015-16 has passed, but check for any possible extensions or special provisions.
- **Penalty:** Be aware of the penalty under section 234F for late filing. The penalty is based on when you file the return within the extended period.
- **File Online or Manually:** Use the Income Tax e-Filing Portal or manually file the return at the local Income Tax Office.
- **Track Refund:** Monitor the status of your refund after submission.

### Recommendation

Since the deadline for filing belated returns has passed, consult with a tax professional for personalized advice and to ensure you follow the latest procedures or any possible extensions available.