Time Limit :
Refund shall be claimed within 1 year from the end of relevant A.Y
Claim after the statutory time limit
The A.O may admit the claim of refund after the expiry of statutory time limit, on satisfaction of the following conditions ( Instruction No.12 of 2003 Dated : 30.10.2003)
Such refund arises due to excess tax deducted at source, tax collected at source and advance tax
Amount of refund not > Rs.5 lac for any A.Y.
Income of assessee not assessable in the hands of other person.
The refund arises from the return of income filed for the first time, then refund shall be issued only after making regular assessment u/s.143(3)
Such refund shall be related to a period of 6 A.Y prior to the current A.Y
Note : No interest shall be admissible on the belated refund claim.
A.O need to take prior permission of following authorities before entertaining a belated refund claim.
Refund <1 lac for any A.Y --- The commissioner
Refund >1 lac <5Lac for any A.Y ---- The chief commissioner
Refund > 5 Lac --- The Board (CBDT)
Chief commissioner look and examine other aspects ( for deciding genuineness of the claims)
( Instruction No.1867, dated 30.11.1990)
Source of income
Whether income returned reasonable
Extent of profit disclosed
Whether books of accounts maintained
Any manipulation of accounts in the course of delayed filing of claim of refund