Are you among those who missed out on filing their income tax returns by the due date of July 31, 2022? Are you also worried about your refund due would have lapsed too? If we go by Income Tax (IT) rules, they suggest that if the due date to file ITR has lapsed, taxpayers cannot claim a tax refund. Well, here are a few ways via which one can claim their TDS refunds but only under specific circumstances.
Read More:-Top cryptocurrency news on August 27: Bitcoin trades lower; Coinbase to list Ethereum Forks and more
Here are certain ways to claim refunds even after missing ITR filing deadline:
Under Section 119(2)(b), an applicant can claim any exemption to TDS refund after the ITR filing date has passed. The Central Board of Direct Taxes (CBDT) has permitted any such claims, however, it can only be granted if the non-compliance to the last date was due to a genuine hardship faced by the taxpayer.
In compliance to the powers of Section 119, Principal Chief Commissioner of Income Tax is assigned to entertain claim between Rs10 lakh to Rs 50 lakh. Any individual, company, trust HUF – who has been issued a PAN and fulfills these above criteria is eligible to file a claim.
Read More:-Marico eyes Rs 850-1,000 cr food business by FY24 by expanding its healthcare brand Saffola
When can these claims be exercised?
A taxpayer may file a claim in a bid to refund their TDS in the following circumstance – Eligible loss not carried forward; Excess payment of income tax – this happens when the eligible deduction is not claimed while filing the ITR; Court orders issued in favour of taxpayer.
Under section 119 one can file a claim on deducted TDS if their taxable income did not exceed basic exemption limit of Rs 2.5 lakh or Rs 3 lakh for senior citizens.
Read More:-Pension goes up by 20%, 30%, 40%, 50% and 100% after 80 years – Latest CCS (Pension) Rule
Steps to file a claim:
-Write an application to the relevant jurisdictional authorities. As this would be a condonation request, the applicant must elaborate on the circumstances (genuine hardship) under which they were unable to file the ITR by the due date.
-There should also be some substantial and relevant evidence supporting the reason for missing the ITR deadline. All details on the status of the application will be available under the ‘pending actions’ column of the Income Tax Portal.
Read More:-SBI Customers: Want to Avoid SBI Cheque Frauds? Here is What You Need to Do
-If the application is approved then applicant will have to file the ITR online in the e-filling tab of the portal. If the application is rejected, then the application may file a writ petition before the High Court.
