Can you claim income tax refund for previous years even after revised ITR deadline is over? Difficult but possible

economictimes.indiatimes.com:

income tax refund for the income tax return (ITR) filed this year i.e., FY 2023-24 (AY 2024-25). But can an individual ask for an income tax refund from the Income Tax Department for excess tax paid in the past year?

Such a situation may arise if a taxpayer received excess income from an organisation in a previous year and paid income tax accordingly. However, now the organisation wants the excess payment returned.

This means the taxpayer has to return the excess income (for which tax has also been paid). Consequently, the taxpayer may want to claim a refund from the Income Tax Department.

Chander Talreja, Partner of Vialto Partners, a Global Mobility company says, «One would need to understand the entire transaction (i.e. the nature of excess income and the rationale behind the excess taxes paid and now the recovery of the same).

Assuming all the parameters are cleared and there is a legitimate reason to do, the income tax laws provides an individual to file a revised return under Section 139(5) of the Income Tax Act, 1961, to correct an omission or error in such cases. Currently, the due date to file a revised return is December 31 of the relevant assessment year. However, if the due date to file a revised return has expired, one may consider applying for a tax refund through a condonation request under Section 119(2)(b) of the Income Tax Act.