Forgot to include interest on last years income tax refund
This query is : Resolved
19 August 2024
Hi, I was checking my last year's return (AY 23-24) and realised I had received interest on the amount that the income tax had refunded.
For this year (AY 24-25) I recalled there was a section in Schedule OS: "Interest Gross -> From Income Tax refund"
I left it blank :(
My current ITR (AY 24-25) is not yet processed. What should I do now? I'm a bit scared.
I searched online, and I think I need to file revised return.
In the original return I had offset profit from this year from brought forward loss from last year.
Will I still be able to do that with revised return (since its past due date now)?
For this year (AY 24-25) I recalled there was a section in Schedule OS: "Interest Gross -> From Income Tax refund"
I left it blank :(
My current ITR (AY 24-25) is not yet processed. What should I do now? I'm a bit scared.
I searched online, and I think I need to file revised return.
In the original return I had offset profit from this year from brought forward loss from last year.
Will I still be able to do that with revised return (since its past due date now)?
19 August 2024
Yes, you can file revised return u/s. 139(5) IT act, for the addition of interest income.
You can even offset the past losses in the revised return as claimed in original return.
You can even offset the past losses in the revised return as claimed in original return.
26 August 2024
Good Luck.
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