ADMISSIBILITY OF REFUND CLAIM IN INCOME TAX

[KASTURI SETHI]

Dear Experts,

Please reply to my following queries :-

(1) What is the time limit for filing application for refund claim in Income Tax Act ?

(2) Can refund claim be filed for the financial year 21-22 now ?

(3) Is it mandatory to claim refund of Income Tax paid in excess by way of Income Tax Return ? Is there any other way-out ?

Thanks a lot.

AI Summary

Discussion on Income Tax Refunds: Filing Deadlines, ITR Mandate, and Section 119(2)(b) for Delay Condonation A forum discussion addressed the admissibility of refund claims under the Income Tax Act. A participant inquired about the time limits for filing refund claims for the financial year 2021-22 and whether refunds can be claimed through means other than filing an Income Tax Return (ITR). Responses clarified that refunds must be claimed via ITR, which should be filed by July 31 or December 31 for late filings. Updated returns under Section 139(8A) can be filed within 24 months but do not apply if they result in a refund. A suggestion was made to file a condonation of delay petition under Section 119(2)(b) to claim a refund if the return was not filed due to valid reasons.