Can refund be claimed if 139(4) due date expires?
This query is : Resolved
Gurpreet Singh Samby
(Querist)
27 August 2010
Hello,
My query is that if a belated return [139(4)] of A.Y. 04-05 is filed after its due date of 1 year from the end of the relevant A.Y. which in this case is 31.03.2006, can a refund still be claimed? FYI, the return in this case was filed in December 2006.
If yes/no, under which section? Elaboration will be appreciated.
My query is that if a belated return [139(4)] of A.Y. 04-05 is filed after its due date of 1 year from the end of the relevant A.Y. which in this case is 31.03.2006, can a refund still be claimed? FYI, the return in this case was filed in December 2006.
If yes/no, under which section? Elaboration will be appreciated.
27 August 2010
YES, YOU CAN CLAIM REFUND IN BELATED RETURN, THERE IS NO RESTRICTION TO CLAIM REFUND IN BELATED RETURN.
IN BELATED RETURN U/S 139(4) THERE IS FOLLOWING CONSEQUENCES :
1 YOU CAN'T REVISE RETURN
2. YOU CAN C/F LOSSES
3. YOU CAN'T CLAIM LOSS OF HOUSEPROPERTY WHICH IS ARISE CLAIMING OF INTEREST ON HOUSE LOAN.
pLEASE READ FOR DETAIL BELOW LINK
https://www.cainindia.org/news/2_2009/file_belated_tax_return_with_a_cool_head.html
IN BELATED RETURN U/S 139(4) THERE IS FOLLOWING CONSEQUENCES :
1 YOU CAN'T REVISE RETURN
2. YOU CAN C/F LOSSES
3. YOU CAN'T CLAIM LOSS OF HOUSEPROPERTY WHICH IS ARISE CLAIMING OF INTEREST ON HOUSE LOAN.
pLEASE READ FOR DETAIL BELOW LINK
https://www.cainindia.org/news/2_2009/file_belated_tax_return_with_a_cool_head.html
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Gurpreet Singh Samby
(Querist)
28 August 2010
Thanks for this information, sir. But in my case, the belated return has been filed even after the due date for filing belated returns i.e. after 2 years from the end of the relevant F.Y. which is 31.03.2004. Would this affect the validity of the refund claim or lead to any penalty being imposed?
29 August 2010
As per section 139(4) , Belated Return can be filed 1 year from the end of relevent assessment year.
Belated Return can be filed within end of relevant assessment year without any penalty i.e in your case i.e upto 31/03/2005.
Belated return can be filed upto 31/03/2006 with penalty rs. 5000 which may be imposed by AO.
As per section, it is not valid, if it is filed after 31/03/2006.
Belated Return can be filed within end of relevant assessment year without any penalty i.e in your case i.e upto 31/03/2005.
Belated return can be filed upto 31/03/2006 with penalty rs. 5000 which may be imposed by AO.
As per section, it is not valid, if it is filed after 31/03/2006.
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Gurpreet Singh Samby
(Querist)
02 September 2010
Thank you very much, sir!
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