Refund on Belated return.

Others 2115 views 2 replies

VIVEK

TRADER

58 Points Posted on 14 January 2010

Hi guys, my brother-in-law has NIL tax liability for the FY 2008-09 due deductions available under 80C & interest on Home loan.

He has income from Salary and rent from Mobile towers company.

The said Mobile tower company has deducted TDS and issued Form 16A in the month of November 2009.

Therefore, my brother-in-law is entitled fron refund of tax to the tune of Rs.20,000/-. But, he has not filed tax returns yet.(Its his first time ans has zero knowledge about it).

Now, my query is, can my bro-in-law still file return before March 2010. Further, will he be eligible for Refund of excess tax (because he has ZERO tax liability).

What ITR from is to be used. He has Form 16 and Form 16A. Can we take services of online Return Intermediary.

Help appreciated.

Vivek.

Replies (2)

Amir

Learner

4016 Points Posted on 14 January 2010

Dear Vivek,

1) First of All, it is MANDATORY TO FILE ITR in this case

2) For FY 2008-09, ITR can be filed without upto 31.03.2010(without penalty) & upto 31.03.2011 (with penalty of Rs. 5,000)..

3) Refund is ALLOWED on Belated returns.

4) ITR 2 will be require in this case since Rent from Mobile towers is taxable under head "Other Sources". Further if any expenses have been incurred by him in relation to earn this income then those can be deducted from thhis income, like repairs, etc.

5) Online option or what is called as "E-filing" can be opted..

CA.SKR

CA; CS-Final (One Group); DISA (ICAI); I

442 Points Posted on 17 January 2010

In your case, the gross taxable income (before allowing deductions under Chapter -VI A of Income Tax Act) seems to be greater than the Basic Exemption Limit of Rs.1,50,000/- for the Fin. Year 2008-09. Hence filing of ITR is mandatory.

For claiming refund of TDS, please file ITR before 31.03.2010, otherwise penalty of Rs.5,000/- may be invoked by Income Tax Deptt.

Thanks,

CA. Satendar Kumar

Mobile No. 9810543531