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Income tax return

Saurav (CA) (211 Points)

23 May 2016

If Return is filed after due date and send to department after due days (ie 120 day more) the what procedure to be followed for refund

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7 Replies

prabhakar ch (final) (42 Points)
Replied 23 May 2016

After Due date the return is called as Belated Return & there is no chance of getting refund of TDS in this case.

so it is better for to file the income tax return on or before due date to avoid.

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Saurav (CA) (211 Points)
Replied 23 May 2016

no option if any have option pls suggest

CA Rohan Dedhia (Practicing Chartered Accountant) (83 Points)
Replied 29 May 2016

Hi Saurav,

No need to worry.
You may please take benefit of Circular No. 13/2016 dt. 9th May, 2016, wherin final opportunity has been given to the taxpayers to regularize their pending income-tax returns pertaining to the Assessment Year’s 2009-2010 to 2014-2015. Please send the ITR-V Acknowledgement and get your ITR validated.

Though your return is belated, you can claim Refund of taxes.

Please send the Acknowledgement again to CPC immediately and get your Return validated.

Saurav (CA) (211 Points)
Replied 30 May 2016

But the Problem is for AY 15-16

subhash kumar jha (PROFESSION) (445 Points)
Replied 30 May 2016

As replied my Mr. Prabha that "After Due date the return is called as Belated Return & there is no chance of getting refund of TDS in this case. so it is better for to file the income tax return on or before due date to avoid is not correct

Even if return is filed after due date still refund will be given

Another thing is that if ITR V is not sent within 120 days then return will be invalid so filed return again and send ITR V to CPC within 120 Days.

Keep in mind if return is not filed within the last day day of assessment year then A.O. may impose penalty of Rs.5000.