Return of income of individual

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Querist : Anonymous

Querist : Anonymous (Querist)

26 July 2012 whether it is necessary to file return of income on or before due date i.e. 31st July'12 to claim the TDS refund which was deducted on interest and commission?

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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26 July 2012 To claim TDS refund for the financial Year 2011-12 i.e A.Y.2012-13 you can file return of income upto 31-3-2014. But if you file A.Y.2012-13 return after the due date i.e July'12 for non audit cases and Sep'12 for audit case you may loss some benefits. For example.
1) Revise return not possible for the returns filed after the due date
2) No loss allowed to carry forward if any
3) Amount of interest payable on refund will be decreases and the interest has to be pay if any taxes payable or paid at the time of filing of return etc.....

However section 139(1) prescribes due date to file the return of income with in July and September for non audit and audit cases respectively in each year after the completion of the financial year. However section 139(4) allows to file return of income upto the one year from the completion of assessment year but losses some benefits.

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