Advance tax(TDS receivable amt) set off/refund by cash

[yujin kim]

Dear sir

We have TDS receivable amount 14lac from 2007-08 FY till now.

We don't have any profit for last 5 years, so we couldn't  set off 14lac against our income tax payable amount because we don't have payable income tax.

We guess we cannot get profit in future also. so we want to receive 14lac by cash or towards our account .

For this, what can I do?

If we send application form(form 30H) to income tax, then can government send to us that money?

Or do you have another good suggestion about this? (set off or another application etc)

[CAGOPALJI AGRAWAL]

The claim may be made in form 30 within two years from the end of the financial year for which refund arises. Delayed refund claims are also permissible. For details you may refer section 237,  238 & 239 and rule 41 of the Income Tax.

[Natabar Panda]

Dear Sir,

You may claim the refund before the concerned Assessing Officer. But so far as set off is concerned it is to be kept in mind that Advance Tax / TDS is a receiveble amount generally shown in the asset side of the Balance Sheet, hence question of set off in your case is not possible. Moreover if the Department refuses to issue refund, you may approach the jurisdictional High Court for appropriate remedy.

AI Summary

Refund claim for TDS receivable requires filing with assessing officer, typically in prescribed form, if set-off impossible. A taxpayer with a TDS receivable and no taxable income should pursue a refund claim before the concerned Assessing Officer, ordinarily using the prescribed refund form (referenced as Form 30), noting that delayed refund claims are permissible; set-off is not appropriate where the credit is an asset and there is no tax liability, and refusal of refund may be challenged through judicial remedies after the administrative claim.