Ad-Free CAclubindia and Daily Updates on your mobile. Subscribe Now!

Income Tax Refund

19 August 2007

Hi, this is shiv om I have a query on income tax refund.

A Govt Agency Deducted TDS on a Firms income and the TDS certificate remained in the custody of the Govt Agency as there was dispute between the parties which was judicially solved after a period of 8 years. Then the agency released the TDS certificate. Now can the firm cliam refund of the same. As per the provisions of the Income Tax Act it can be claimed within a period of one year only.

Reply
Follow
Share

2 Replies

Late CA Sampat Jain (Chartered Accountant) (4772 Points)
Replied 19 August 2007

TDS can be claimed in the year in which the relevant income is disclosed as per section 199 . What is the year in which you have declared the income as per the TDS certificate?? There are Board Circulars for belated refund claims also.

Upgrade to CAclubindia Pro. Subscribe Now!

som kansal (chartered accountant) (307 Points)
Replied 19 August 2007

hi shiv, refund can be claimed as the tds certificate wasnt provided to the assessee, due to judicial appeal period. the judicial appeal is to be considered while considering the period of tds refund i.e. one year