Sandeep Ahuja & Co.

Established in the year 1986, we are a leading chartered accountancy firm based in Delhi & NCR rendering comprehensive professional services which include statutory audit, internal audit, direct tax, transfer pricing, GST, bank audit, propriety audit, cost accounting, internal financial controls and risk advisory.

Monday, June 29, 2015

Claim Income Tax Refunds for last six years

CBDT has issued a circular No.9/2015 on 9th June,2015 for condonation of delay in tiling returns claiming refund and returns claiming carry forward & set off of loss. This Circular is containing guidelines for refunds of Income Tax and conditions for condonation of delay of claiming refunds and the procedure for such matters. Brief of the circular for the interest of assessee is as under: 
Ø  No condonation application for claim of refund/loss to be entertained beyond six years.
Ø  A condonation application to be disposed of within six months from the end of the month in which the application is received by the department.
Ø  In a case where refund claim consequent to a Court order, the period for which any such proceedings were pending before any Court of Law shall be ignored for 6 years calculation provided such condonation application is filed within six months from the end of the month in which the Court order was issued or the end of financial year whichever is later.
In case of returns claiming refund and supplementary claim of refund would be subject to the following further conditions;
Ø  The income of the assessce is not assessable in the hands of any other person under any of the provisions of the Income Tax Act,
Ø  No interest will be admissible on belated claim of refunds.
Ø  The refund is consequent to the excess of TDS/TCS  and/or excess advance tax payment and/or excess payment of self assessment lax as per the provisions of the Act.

In the case of an applicant who has made investment in 8% Savings (Taxable) Bonds, opting for scheme of cumulative interest on maturity but at the time of maturity tax at source has been deducted on the entire amount of interest  the time limit of six years for making such refund claims will not be applicable.

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