Income Tax Department in Latest circular No 9 has guided on how an assessee who has failed to file return and claim Refund can now make an application and get Refund due up to last 6 Assessment years Most of Assessee land up paying Tax as it is Deducted at Source (TDS) in various option from TDS in Bank Interest, TDS in Income from Commission, TDS on Professional Fees etc. Many time Assessee Fail to File Return and TDS remain unclaimed. The Assessee Can only file return for last 2 years and claim refund if any due and not beyond that. In case he missed to file return within prescribe timeline he has no choice other than to forget his refund claim. Now with this new Circular Every Assessee who has failed to file return and claim Refund can make an application and get the Refund. Income Tax Department has tried to solve the hardship faced by many. We need to see the Manner and speed with which it is implement by department.   Following is the main points to be consider at the time of application:   1) The Application shall be made to The Principal Commissioners of Income-tax/Comm ss oners of Income-tax (Pr.CsIT/CsIT) if the amount of such claims is not more than Rs I0 lakhs for any one assessment year. The Commissioner will review the application and communicate with reason acceptance/rejection of such applications/claims. In case the amount is more than Rs 10 Lacs the Application to be made to Chief Commissioner of Income Tax and incase it is more than Rs 50 Lacs then to Board. 2) Even Loss can be Claimed for Carry forward. 3) The Application shall be within six years from the end of the assessment year for which such application/claim is made. A condonation application should be disposed of within six months from the end 4) The officer will be ensured that the income/loss declared and /or refund claimed is correct and genuine and also that the case is of genuine hardship on merits. A belated application for supplementary claim of refund (claim of additional amount of refund after completion of assessment for the same year) can be admitted for condonation provided other conditions as referred above are fulfilled.  Assessee will not receive interest on belated claim of refunds. 5) The Refund can only be cases of arisen as a result of excess tax deducted/collected at source and/or excess advance tax payment and/or excess payment of self-assessment tax as per the provisions of the Act. 6) In the case of an applicant who has made investment in 8% Savings (Taxable) Bonds, 2003 issued by Government of India opting for scheme of cumulative interest on maturity but has accounted interest earned on mercantile basis and the intermediary bank at the time of maturity has deducted tax at source on the entire amount of interest paid without apportioning the accrued interest/TDS, over various financial years involved, the time limit of six years for making such refund claims will not be applicable

-Regards
CA. C. V. PAWAR