Refund in Belated Return

Robin verma (CA FINAL) (97 Points)

11 October 2016

One of my client want to file ITR for FY 2014-15..and claim refund of Rs 5000.

Can refund b granted in this case.

Plz guide.

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5 Replies

Studentsca (CA Practice ) (3577 Points)
Replied 11 October 2016

Yes refund will be granted.

ANKUR TAH (Teacher Consultant and CA finalist.) (543 Points)
Replied 11 October 2016

yes, it is possible to claim refund in case of belated return u/s139 (4).
But you can not revise the return, can not adjust house property losses.

CA Harshal Totla (Chartered Accountant) (2229 Points)
Replied 12 October 2016

Yes for the A.Y. 15-16 you can file belated return before 31st March 2017.
But, please note that you cannot revise your belated return in future.

Robin verma (CA FINAL) (97 Points)
Replied 12 October 2016

Will the AO not impose Rs5000 penalty in this case. ?

Vineet Goyal (Assistant Manager - Finance & Accounts) (702 Points)
Replied 13 October 2016

AO cannot impose penalty if gross total income is less than taxable limit.

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