What is the remedy if an individual has paid tax anticipating he has taxable income but has actually forgotten to claim deduction under 80c and finally realises he has no taxable income?What is the mode of claiming refund for the tax challan paid at the bank?
6 Replies
Devendra
(Chartered Accountant)
(4775 Points)
Replied 25 April 2011
IF THE ASSESSEE HAS FILED THE ORIGINAL INCOME TAX RETURN WITHIN THE PRESCRIBED DUE DATE, THEN HE CAN SHOW THE CORRECT INCOME AND THE DEDUCTIONS U/S 80C BY REVISING THE INCOME TAX RETURN.
BUT IF THE ASSESSEE HAS NOT FILED THE ORIGINAL RETURN AFTER THE DUE DATE, THEN HE WILL HAVE TO AVAIL RELIEF U/S 119 BY MAKING AN APPLICATION TO THE CBDT (CENTRAL VOARD OF DIRECT TAXES)
REGARDS,
DEVENDRA K
vaseem
(Tax Consultant)
(76 Points)
Replied 26 April 2011
then how u got tax on that income which is not taxable
Riyaz
(accountant)
(310 Points)
Replied 01 May 2011
u have to file revised return & claim it as Devendra said.... u will get refund after few months
CS,CA F,Numrologi TusharSampat
(CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert)
(85930 Points)
Replied 22 May 2011
Agreed wit d abov views....file a revise ITR.
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