07 February 2014
Agreed with above expert.generally we cannot file after expiry of one year from the relevant assessmnet year. *************** But Can file only in case of refund of income tax or loss return after condonation of CIT *************** Kindly refer to Section 119(2) of income tax act read along with Circular 08/2001 dated 16/05/2001
you need to apply for condonation,,,once your request accepted and condoned by CIT your return will be acceped and you may get your refund . . Kindly hire a tax consultant and he will take care of procedure...
07 February 2014
PROCEDURE TO FILE BELATED RETURN IN THIS CASE:-
1)File the refund-return before the Assessing Officer, but with a copy of a Condonation Petition addressed to the CIT.
2)The Condonation Petition should explain how the conditions prescribed in the CBDT's public Circular regarding condonation under S 119(2)(b) are satisfied.
3)Generally The delay has to be condoned by the CIT.however it is discretion of CIT ,,but department not bound to accept
4)Therefore prepare an Application (no prescribed Form) in Duplicate, explaining reasons for the delay, and praying for its condonation; send one copy to the CIT, and the other copy shall be attached to the belated return filed before the Assessing Office
CAclubindia
