Have you missed the income tax return filing of Financial Year 2017-18 or 16-17 or for earlier period? Here how you can still file your income tax return.
We stakeholder of taxation has been take so close look toward the various clauses and rules to avoid penalties, or for the calculation of the correct tax, making sure we don’t miss any exemptions and deductions. There are several sections that benefit the taxpayers and some of them are very popular now as every has got a great knowledge of it such as deduction under 80C or 80G donations, agricultural income under section 10 but what I see is there is this hidden gem, a relief for the genuine cases who have missed filing their income tax returns to the department very less people talk about and was provided by the government on June 9, 2015 (Circular No. 09/2015-Income Tax dated 06th June 2015).
Did you know that income tax allows filing of return for not just one but for past 6 previous year under section 119(2)(b). And lets discuss how can we do this stepwise.
“The applications for condonation of delay in filing returns claiming refund and returns claiming carry forward of loss and set-off thereof under section 119(2)(b) of the Income-tax Act (the Act.” Above sentence is taken from the circular itself which clearly states that in cases where there is refund and loss to carryforward and setoff one can make an application to the prescribed authority for such condonation of the delay.
To whom the application should be addressed?
The circular says
1. The Principal Commissioners of Income-tax/Commissioners of Income-tax (Pr.CsIT/CsIT) shall be vested with the powers of acceptance/rejection of such application/claims if the amount of such claims is not more than ₹ 10 lakhs for any one assessment year.
2. The Principal Chief Commissioners of Income-tax/Chief Commissioners of Income-tax (Pr.CCsIT/CCsIT) shall be vested with the powers of acceptance/rejection of such application/claims if the amount of such claims exceeds Rs. 10 lakhs but is not more than Rs. 50 lakhs for any one assessment year.
3. The applications/claims for amount exceeding Rs. 50 lakhs shall be considered by the Board.
Conditions for claiming refund and supplementary claim of refund.
Finally after receiving the order from the prescribed authority taxpayer can file the income tax return.
Disclaimer: The contents of this document are solely for informational purpose. It does not constitute professional advice or a formal recommendation. While due care has been taken in preparing this document, the existence of mistakes and omissions herein is not ruled out.