pls tell me the procedure to claim refund.... an individual has TDS certificates of Rs.200000 of the previous five years. he now wants to claim refund... but he has not filed his return since five years...
can this TDS be refund..?? if yes then how and wats the procedure and penalties under IT ACT, 1961.
14 July 2011
you can file belated returns and there won't be any penalty. out of 2 lakhs tds certificate how he will get refund pl check and if it is comes under tax audit then penalty may come,
14 July 2011
In case in last 5 years there was no taxable income and as because there is TDS refundable to you then you can file your return and claim the same. In case of taxable income the tax payable will be deducted and the balance is to be refunded.
In case the refund is up to 10,000/- then the assessing officer will grant the refund and or otherwise the AO has to take permission up to the level of CCIT
Sec. 237 of the Act provides for claim of refund of excess amount of tax paid by the assessee or on his behalf for any assessment year. The forms of claim for refund and limitation are prescribed by s. 239 of the Act while delay in filing a belated return for refund claim in cases of genuine hardship could be condoned by the ‘Board’ under s. 119 of the Act.
Circular No. 670 dt. 26th Oct., 1993 r/w Instruction Nos. 12 of 2003 dt. 30th Oct., 2003 and 13 of 2006 dt. 22nd Dec., 2006
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