16 May 2014
My client has made payment of advance tax for the assessment year 15-16. Now how to deal with this situation? The advance tax will be refunded or adjusted for the relevant assessment year??
16 May 2014
it wont be refunded...you can claim the credit for tax liability for AY 2015-16 or approach AO for amending the challan details to amend AY.
17 May 2014
then you have to do rectification of challan by writing a letter of A.Y. mistake to A.O. by doing this you will tranfer you amount to previous year (right) Financial year. after then you will calculate your income tax.
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