Jenny (Self Employed) (27 Points)
19 July 2022In my ITR 1, under income from other sources, it shows Interest from income tax refund - 3500
I cannot find it in AIS or 26 AS.
How to check whether it is correct or wrong?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177824 Points)
Replied 19 July 2022
Check the refund amount credited to your bank and your last year's ITR filed.
S A Krishnan
(23 Points)
Replied 22 May 2024
The refund figure in bank account is a single number (Refund plus Interest minus TDS). Till a year back this interest and TDS used to appear in 26AS. This year, it is missing. The problem is when I file my Return, the income tax depot may disallow. the interest. Request your advice. Thanks.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177824 Points)
Replied 22 May 2024
Down load AIS report after logging to e-filing site.
S A Krishnan
(23 Points)
Replied 22 May 2024
Thank you, sir, for the very prompt advice. I have checked the AIS once again and can't seem to find it. The situation is identical in y wife's return as well. As I wrote, till last year the interest on refund would appear as the first item (central processing cell etc)on Form 26AS. Refund was received some time in July 2023, and so should have appeared by now, I guess. Thanks.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177824 Points)
Replied 22 May 2024
Down load Intimation order u/s. sec. 143(1) of last year (AY 2023-24) & see the interest paid.
S A Krishnan
(23 Points)
Replied 22 May 2024
Thank you sir. In fact, I have got th details from 143(1) order. The problem is that it is not appearing in Form 26 AS. If I file my Return showing th interest received and TDS there on, will the system reject the TDS claim because it is not appearing in 26AS. I hope I have been able to explain my predicament. Since the refund is large (by my standards), the TDS is itself almost 2000. Thank you very much, and God bless.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177824 Points)
Replied 22 May 2024
Forget TDS, just fill the interest amount received & pay tax over it.
ITD don't deduct TDS over the refund interest.
S A Krishnan
(23 Points)
Replied 23 May 2024
Thank you. Let me see what to do about it. May I say that ITD does deduct TDS on interest paid on refund. This has been the case year after year. Thanks, again.
CAclubindia
