22 March 2013
One of my friend had business of travel agency in FY 2007-08, 2008-09 & 2009-10. After that he stopped the business activity. But he did not claim the TDS amount which was credited to his account is also shown on 26 AS. So is it it possible to claim refund of such TDS amount in current financial year??
22 March 2013
A.O can admit (or condon the delay) belated refund claims u/s 237 of the income tax a/c in cases where refunds may arise as result of tax deducted/collected at source and advance tax payments where the amount of such refund does not exceed Rs. 5,00,000 for any A/Y. Refer CBDT ORDER No.12/2003 dated 30/10/2003 where prior approval of requisite authority is required depending upon the amount of refund.
CAclubindia
