05 April 2016
dear Sir ,
my aunt has earned pension income of rs. 186790
&
earned interest on FD's of 182592.11 on which tds has been deducted for rs. 18266.
The above info is for A.Y. 2014-2015 . Aunts age as on 31.03.2014 is 59 yrs.
plz help me calculate tax payable or refundable... for A.Y. 2014-2015
05 April 2016
Pension & FD interest are taxable and the taxable income Rs. 3,69,382/- and the basic exemption Rs.2 lakhs balance net taxable income is Rs. 1,69,382/- and the tax is 10% slab Rs. 16938/- less the tax credit u/s.87A Rs.2000/- and balance tax Rs.14938 plus 3% cess Rs.448/- total tax payable Rs. 15386/- less TDS Rs. 18266/- balance refund is Rs. 2879/-
06 April 2016
All matter is clear now but I want to share on thing that A.Y. 2014-15 is elapsed. So now you can not file your return and claim refund of rs. 2879/- without filling application of condonation of delay.
06 April 2016
sir.. I had filed the return on time.. but there was some mistake while calculating the pension income & hence my aunt has been credited with excess refund along with interest of all the tds paid...
now what should we do
06 April 2016
dear Sir..
I had files the return on time but there was some mistake while entering pension income in return & as a result my aunt has been credited wid all the tds paid as income tax refund along with interest.
now what should we do ?
06 April 2016
Now there is no option to revise or correct the return.just wait for any intimation/notice from the assessing officer and in response to that you can correct the return, how ever by the time the excess refund again can be paid by different challan and keep with you to avoid penalty and interest in future incase notice received from department
07 April 2016
I was waiting for your reply sir, I am also on same opinion. I must says there is an honesty I have seen from your part you and your aunt don't want to take the wrong amount in your pocket. So you can do what Ramesh sir has advised, pay the excess amount means Rs. 15387/- with interest and take challan with you if any future correspondence with IT Dept.
CAclubindia
