Tax free income
Sadashiv Rupchand Gaikwad
(Querist) 22 September 2011
This query is : Resolved
An Agriculturist received compensation from the State Government.The Special Land Acquisition Officers issue F16A TDS Certificates for the Financial year 2008-09.Can the farmer claim as Income tax Refund from ITD? Which Form is to be used?
What is the time limit for claiming Income Tax Refund? Which section is applicable and where to be mention the gross compensation received amount? What are the remedy for obtaining Income tax Refund.
Guest
(Expert) 22 September 2011
If the income is tax free, your income tax return, itself if submitted would make you eligible for refund on the basis of the information in the return to ITO.
Raj Kumar Makkad
(Expert) 22 September 2011
Saral form is provided for this purpose. It should be filed within 3 financial years and its columns are very simple and ordinary person can understand and fill it on the basis of form 16A already issued to such agriculurist.
prabhakar singh
(Expert) 23 September 2011
I think it is not your income but a Capital Gain,upon which capital gain tax shall be attracted subject to cost tax index,so you need a tax consultant to get things done properly.
Sailesh Kumar Shah
(Expert) 23 September 2011
No capital gain would be payable, if capital gains arising from the transfer of agricultural land, where such land
is situated in any area falling within the jurisdiction of a municipality or a cantonment board having population of
at least 10,000 or in any area within such distance, not being more than 8 kms, from the local limits of any municipality or cantonment board. Such land should have
been used for agricultural purposes during the period of two years immediately preceding the date of transfer.
Further, such transfer should be by way of compulsory acquisition under any law and the said capital gains should have arisen from the compensation received on or after 1st April, 2004.
Vineet
(Expert) 24 September 2011
The matter pertains to FY 2008-09 relevant to AY 2009-10. Farmer could have filed a return of income showing nil income and claiming refund for TDS amount by 31-3-2011. If it has not been done, there is no provision in law to claim refund.
Relief is possible only in case the ITO reopens the case for assessment. Then a return claiming refund can be filed.
soumitra basu
(Expert) 04 October 2011
You may write a letter to CBDT asking for tax refund.
