I was a salaried employee in AY 2013-14. I got a prize of 33,333 in a competition, and they deducted 10,000 as TDS, and paid the rest.
One of the CA I knew, filed ITR-1 for me..with my salary income, and the prize amount as income from other sources..and specified that the tax amount was 10,000.
May be because ITR-1 is not for gifts, I got an email saying that I paid more tax, and got refund of Rs.6,700. (It means they are assuming I paid more tax).
I now understood that I should have filed ITR2 and not ITR1. But since the assessment is over and I got the refund, what do you guys think I should do? Do you think I can leave it like this since assessmnt is over and they don't care..or do you think they will come back to me later asking me to file ITR2?
06 January 2014
if the refund amt is correct then ignore, else, you can file revised ITR.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
06 January 2014
Yea..it is correct. Because I fall under 10% tax slab..so they are assuming the TDS to be deducted on 33,333rs should be 3,333 and not 10,000. So they refunded the remaining amount.
But actually, I should not have got any refund..since it is 194B in tax credit..and 30% was the right deducation.
CAclubindia
