Is any time limit for incometax refund?
Suman Kumar Agrawal (Chartered Accountants) (226 Points)
02 January 2013Is any time limit for incometax refund?
CA Paritosh Jaisalmeria
(Doing CFA-USA)
(90 Points)
Replied 02 January 2013
No, on a primary basis there are no time limits for refund. I mean when a person files his return under 139(1),there are no specific time limits.In earlier times it was very difficult to get refund and even if one received,it used to take a lot of time.But now with CPC, small amount of refunds are given within a short span of time,once return ir processed under saetion 143(1).
nayan
(article assistant)
(466 Points)
Replied 02 January 2013
CA Paritosh Jaisalmeria
(Doing CFA-USA)
(90 Points)
Replied 02 January 2013
But yes beyond a certain time limit, IT department is bound to compensate the assessee with interest.
CA. Praveen Gupta
(CA )
(346 Points)
Replied 02 January 2013
6 year from the end of Assessment year subject to return has been filed
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