|
Business
QUESTIONS & ANSWERS
Claiming refund where there is no taxable income
As an IT assessee PAN holder, who is regularly submitting his IT returns every year, I had not filed my IT return in a particular year due to my non-drawal of any salary on account of my ill-health being under treatme
nt. But I have submitted a letter to the IT Department for non-filing of returns expressing my inability to perform any duty and non-drawal of any salary. So I cannot claim any rebate/ refund on account of LIC, and home loan. Please enlighten whether this rebate/ refund can be claimed during the filing of next IT returns.
There is some confusion as to the understanding of the income-tax law on the part of the reader. Refund can be claimed only in the year to which it relates to. Even if there is no taxable income, there is no objection to the claim for refund by making a return of non-taxable income along with refund application in Form No.30. A refund can be claimed within one year from the last date of the assessment year and not necessarily within the time required for filing voluntary return under Sec. 139(1) applicable for taxable returns. Delayed applications are also entertained under powers of the authorities delegated by the CBDT.
The inference that incentives such as contribution by way of insurance premia are available only to a person, who files returns is not correct. Taxable income is determined after all the deductions to which the taxpayer is entitled.
Printer friendly
page
Send this article to Friends by
E-Mail
Business
|
