Tax paid for wrong fy
This query is : Resolved
10 July 2014
Dear Sir ,
Income tax paid in bank for A.Y.14-15 in April 2014 ,
But By mistake bank official made payment for A.Y.13-14. As far A.Y. 13-14 is concerned return was field and refund was collected bay assessee in jan 2014(process Completed).
now pls tell me is there any possibility of adjustment of pmt of tax for A.Y.14-15..
Income tax paid in bank for A.Y.14-15 in April 2014 ,
But By mistake bank official made payment for A.Y.13-14. As far A.Y. 13-14 is concerned return was field and refund was collected bay assessee in jan 2014(process Completed).
now pls tell me is there any possibility of adjustment of pmt of tax for A.Y.14-15..
10 July 2014
https://www.incometaxindia.gov.in/archive/LeftMenu_ChallanCorrectionMechanism_26082011.pdf
Check out the challan correction mechanism from above link.
Check out the challan correction mechanism from above link.
11 July 2014
But Sanjay Gupta Sir as Pmt of tax is made in April Month..
as per your suggested link it was written in that correction in wrong Assessment Year can be made within 7 days from pmt of taxes in bank by writing a request letter to bank regarding correction in A.Y.
So is it possible to make correction now by making application to bank...
Pls reply me.....
as per your suggested link it was written in that correction in wrong Assessment Year can be made within 7 days from pmt of taxes in bank by writing a request letter to bank regarding correction in A.Y.
So is it possible to make correction now by making application to bank...
Pls reply me.....
26 July 2025
Since the payment was made in April 2014 for the wrong Assessment Year (AY 2013-14 instead of AY 2014-15), and the correction window at the bank is typically **within 7 days** from the payment date, it’s unlikely the bank will be able to change the AY now.
**Here are your options:**
1. **Request Bank for Correction:**
You can still try submitting a formal written request to the bank. Some banks may entertain the request even after 7 days, but it depends on their policy and the bank manager’s discretion.
2. **File for Adjustment with Income Tax Department:**
* If bank refuses correction, the excess tax paid for AY 2013-14 can be claimed as a **refund** from the Income Tax Department.
* When filing your return for AY 2014-15, mention the actual tax paid (though not reflected properly in the bank challan) and keep the proof of payment ready.
* You may have to submit a rectification or refund claim with IT department citing the wrong AY payment.
3. **Challan Correction Mechanism:**
The challan correction mechanism exists but only for requests made **within 7 days** of payment. After that, no formal correction via challan correction is possible.
4. **Consult your CA or Tax Advisor:**
They may assist with submitting refund claims or rectification requests with proper documentation.
---
**Summary:** Since more than 7 days have passed, direct correction at bank unlikely. Best route is to claim refund of wrong AY payment from Income Tax Department and show proper payment for AY 14-15 in your return.
If you want, I can help draft a refund request or provide guidance on filing rectification for this.
**Here are your options:**
1. **Request Bank for Correction:**
You can still try submitting a formal written request to the bank. Some banks may entertain the request even after 7 days, but it depends on their policy and the bank manager’s discretion.
2. **File for Adjustment with Income Tax Department:**
* If bank refuses correction, the excess tax paid for AY 2013-14 can be claimed as a **refund** from the Income Tax Department.
* When filing your return for AY 2014-15, mention the actual tax paid (though not reflected properly in the bank challan) and keep the proof of payment ready.
* You may have to submit a rectification or refund claim with IT department citing the wrong AY payment.
3. **Challan Correction Mechanism:**
The challan correction mechanism exists but only for requests made **within 7 days** of payment. After that, no formal correction via challan correction is possible.
4. **Consult your CA or Tax Advisor:**
They may assist with submitting refund claims or rectification requests with proper documentation.
---
**Summary:** Since more than 7 days have passed, direct correction at bank unlikely. Best route is to claim refund of wrong AY payment from Income Tax Department and show proper payment for AY 14-15 in your return.
If you want, I can help draft a refund request or provide guidance on filing rectification for this.
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