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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...

In Budget 2013, a new Section 87A was introduced under Income tax Act to allow for tax credit / rebate of Rs 2000 to taxpayers whose taxable income is upto Rs 5 lakhs. Persons whose taxable income is upto Rs 5 lakhs will get a tax credit / tax rebate of Rs 2000 under Section 87A of Income Tax Act 1961. As per new section 87A, “An assessee, being an individual resident in India, whose total income does not exceed five hundred thousand rupees, shall be entitled to a deduction, from the amount of income-tax (as computed before allowing the deductions under this Chapter) on his / her total income with which he/she is chargeable for any assessment year, of an amount equal to hundred per cent of such income-tax or an amount of two thousand rupees, whichever is less.” Key features This tax re...