Can we cliam excess advance tax paid as refund ? Its urgent please?????????
Refund of advance tax
(Guest)
7 Replies
Mihir
(Wealth Manager)
(5293 Points)
Replied 28 July 2011
Refund arises when you have paid more tax than your tax liability in the relevant year. Only after the summary assesment of your return by the IT dept, your refund will be released, if any.
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 28 July 2011
| Originally posted by : Mihir | ||
 |
Refund arises when you have paid more tax than your tax liability in the relevant year. Only after the summary assesment of your return by the IT dept, your refund will be released, if any. |
 |
agreed
CA Poonam Agrawal
(Exchange of Knowledge)
(91 Points)
Replied 28 July 2011
At the year end , when u calculate ur Total tax liability, we adjust all our advance taxes paid(includes advance tax. tds..) against the total laibility..... so the balance remained is refundable/payable sa the case may be....
For Eg:1) Total tax Liability: 60000
Advance Tax Paid : 90000
Then Amt Refundable= 30000
2) Total tax Liability: 90000
Advance Tax Paid : 60000
Then Amt Payable= 30000
Mihir
(Wealth Manager)
(5293 Points)
Replied 28 July 2011
TDS deducted + advance tax paid + self-assessment tax paid = total tax paid
IT dept will look at the total tax paid and total tax liability, and according determine the refund, if any.
Abdul rasheed
(M.Com)
(26 Points)
Replied 09 January 2016
i am created a provision for tax Rs, 1,00,000/-(2013-14)
Advance tax paid 80,000/-(2013-14)
if i get a Advance tax refund amount of Rs.30,000/-(2013-14)
what is the entry in my books in current financial year
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