Have you missed to file returns of earlier years and claim refunds or carry forward loss?
If yes, then there is a way to claim the refund or carry forward loss and set-off thereof of earlier previous year(s) (PY) of which the income tax return(s) were not filed from your end subject to certain conditions.
What is the way/ procedure to claim the refunds?
In exercise of the powers u/s 119(2)(b) of the Income-tax Act, 1961 (“the Act”), the Central Board of Direct Taxes (CBDT) issued Circular No. 9/2015 (“the Circular”) dated June 9, 2015 under which an assessee can apply to the appropriate authority for the condonation of delay in filing the returns to claim the following reliefs in case of genuine reasons for the delay:
- Claiming of refund(s) for any relevant Assessment Year (AY); and
- Claiming of carry forward of loss and set-off thereof for any relevant AY.
