Set off or carry forward possible?
This query is : Resolved
15 July 2008
If an Assesse has paid advance tax of i.e.Rs.50,000 and at the time of filling of return he found that the amount of i.e.Rs.10,000 is refundable to him by Income Tax department.
Now can he adjust the amount of refundable to him against the next year as an advance tax payment?
Or
Any kind of carry forward of excess tax paid is allowed in Income tax?
If yes then pls provide section or circular relevant to it.
Now can he adjust the amount of refundable to him against the next year as an advance tax payment?
Or
Any kind of carry forward of excess tax paid is allowed in Income tax?
If yes then pls provide section or circular relevant to it.
15 July 2008
No, tax paid for one year is adjustable in the year itself
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