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Mihir Tanna |977 Answers |Ask -Follow

Tax Expert - Answered on Aug 23, 2022

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more

Question by Manoj on Aug 23, 2022Hindi

Money

Dear Sir, I have missed to file my individual ITR filing for the Asst. Year 2021-22 (FY: 2020-21) having refund of TDS approximately Rs 25,000.

Is there any way to file the delayed ITR for the year ended 31.03.2021 (AY: 2021-22)? If possible kindly advise how to file it.

Ans: You may file applications for condonation of delay in filing returns claiming refund as per provisions of Sec 119(2)(b) of the Income-tax Act. As per Circular 9/2015, the Principal Commissioners of Income-tax shall be vested with the powers of acceptance/rejection of such applications/claims.

The powers of acceptance/rejection of the application will be subject to conditions like verification of income/loss declared and/or refund claimed and case is of genuine hardship on merits.

Once your application is accepted and order is passed by Principal Commissioners of Income-tax u/s 119, you will be able to file Income Tax Return at www.incometax.gov.in (external link).

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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For more than 20 years I have not filed ITR since no taxable income but during FY 22-23 TDS was deducted from FD interest and Dividend income totalling about Rs 2500. Can I file ITR now for refund claim. Since I am planning to sell some equities there will be LT/ST capital gains but without any other income. I am planning to sell some shares and transfer some money say 10 lakhs to my Son's account for him to invest in equities. Can I start filing ITR regularly now onwards without any problems. Thanks

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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