MY Client has inadvertently forgot to disclose long term capital gains in A.Y. 21-22.shall he now file ITR U.
by filing ITR U he will get refund. shall he do so
17 Replies
Eswar Reddy S
(CFO- at NHTF)
(58275 Points)
Replied 16 August 2022
Refund can be availed since 234F is applicable. Indirectly tax payment is there in ITR U
Vijay Mohan
(638 Points)
Replied 16 August 2022
Already paid tax. but due to LTCG AFTER ADDITIONAL TAX HE WILL GET REFUND
prasad Nilugal
( GST Practitioner & Accounts )
(14846 Points)
Replied 16 August 2022
In Case of refund, you have to file return, under Section 119(2)(b) of the Income tax act, after Condonation of delay ,( approval from CIT) .
ITR U is for payment of Tax not for refund.
ITR U is for payment of Tax not for refund.
Mahesh Shah
(2328 Points)
Replied 16 August 2022
How can condonation of delay can be filed when return is filed ?
prasad Nilugal
( GST Practitioner & Accounts )
(14846 Points)
Replied 16 August 2022
Oh, he already filled return , mistake by me due to oversight . please do not consider my reply.
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 16 August 2022
ITR-U can't be filed in case of refund
Eswar Reddy S
(CFO- at NHTF)
(58275 Points)
Replied 17 August 2022
I have filed ITR U with refund..Late fee u/s 234F takes care of tax payment and final outcome doesn't matter whether it is refund or tax liability
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 17 August 2022
Yes but refund will not be allowed. If you are filing ITR-U for refund then you must filed it through condonation mode
Eswar Reddy S
(CFO- at NHTF)
(58275 Points)
Replied 20 August 2022
Check once ITR U can be filed with refund
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 21 August 2022
Return will be filed but refund not allowed.
If assessee want refund then he has to choose condonation of delay mode
If assessee want refund then he has to choose condonation of delay mode
Rohit Hajare
(2 Points)
Replied 23 August 2022
In case of reduced Refund in updated return we can file updated return ? In original return refund is already credited with internet
Reply me Anyone
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 23 August 2022
Yes you can file with reduced refund but the difference in refund amount with interest need to be pay with interest & 25% penalty
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