Pratik K (Student) (3406 Points)
14 July 2008If an Assessee 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 IncomeTax department.
Now can he adjust the amount of refundable to him against the next year as an advance tax payment?
Or
Anykind of carry forward of exess tax paid is allowed in Income tax?
If yes then pls provide section or circular relevant to it.
Deepak Manjrekar
(salaried)
(36 Points)
Replied 16 July 2008
NO YOU CANT CARRY FORWARD THE CREDIT YOU HAVE TO CLAIM FROM INCOME TAX DEPT. FOR REFUND. IN ASST YEAR.
Prabhash Chandra Jha
(TAX CONSULTANT)
(48 Points)
Replied 18 July 2008
the assessee can"t take benifit of carryforwarded or adjusted to it in the next year . however he can claim refund form the department for that year in which he paid to them
CAclubindia
