Our one coligue filed IT return of one parties, by mistake wrongly. he computed capital gaine wrongly, for which 51000/- refund come which is allready recived from IT department.
now it is come in our sir observation so sir now going to revise it. but at present refund comes around 45000/- confution is how to adjest the difference amount 6000/- excess refund recived by IT department. can anybody guide us in this metter. need to now proper way to rectify the such problem.
24 July 2012
MAY YOU TELL ME WHAT IS THE EXACT REASON TO CLAIM THE EXCESS REFUND. IF IT IS BECAUSE OF ANY MISTAKE THAT IS APPARENT FROM RECORD THEN PAY THE BALANCE TAX AND UPLOAD A RECTIFIED RETURN U/S 154.
sir has recomputed the Tax payable & paid the balance of tax by party after discussion with other CA's
(The the capital gain is 50% of share hence in last year the person while computing considered both percentage & value of the gain @ 50% so capital gain become negative so, no tax is calculated in earlier year but sir has revised it by considering full asset value & the tax applicable is recomputed & paid by the party)
CAclubindia
