Can refund be claimed if 139(4) due date expires?

This query is : Resolved

Gurpreet Singh Samby (Querist)
Follow

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.

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
Follow

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

Message likes : 1 times

Gurpreet Singh Samby

Gurpreet Singh Samby (Querist)
Follow

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?

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
Follow

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.

Message likes : 1 times

Gurpreet Singh Samby

Gurpreet Singh Samby (Querist)
Follow

02 September 2010 Thank you very much, sir!

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now