Friday, April 12News That Matters

Day: 21 June 2015

[How to] claim tax or TDS refund for last six assessment years

Featured, Taxation
As you know, currently income tax returns can be filed for last 2 assessment years. So you could file returns and claim the refund (TDS refund) for last 2 years only. Now in the latest circular (09/2015), Income tax department has allowed the assessee who has failed to file return and claim Refund according to section 119(2) (B) to make an application and get Refund due up to last 6 Assessment years. Steps to claim refund for the last 6 years: 1. You need to file an application to the concerned Income tax official as per chart below: Monetary Limit Authority for considering Condonation Application/Claim Up to Rs. 10 Lakhs ( For One Assessment Year) Principal Commissioner / Commissioner of Income Tax(Pr.CIT/CIT) More than Rs. 10 Lakhs but not more than Rs. 50 Lakhs ( For One Assess...