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Tax paid and regarding ITR filing

Abhishek M (not) (68 Points)

15 March 2020

For an individual the company in which the individual worked as a consultant deducted certain amount of TAX as TDS and deposited to the IT department in a financial year. The same individual paid rest of his/her tax to the IT department in the same financial year by self assessment tax of amount Rs. 52000. Can the individual now claim refund of the tax if in that year it is found that he/she paid excess tax to IT department and no self assessment tax was necessary to be paid by him/her. What action can the IT department can take on this individual if he/she does not file ITR at the end of the financial year?

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3 Replies

CA Naveen Chand (Chartered Accountant) (12729 Points)
Replied 15 March 2020

refund can be claimed by the assessee via filing ITR

Interesting Facts : Assessee also eligible for the interest on excess amount paid via SAT u/s 140A for the period from date of filing ITR or Date of payment whichever is earlier to the date of granting of refund .

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VINITKUMARGUPA (ARTICLE ASSISTANT) (129 Points)
Replied 15 March 2020

Return filing is mandatory if income exceeded basic exemption limit. Assessee can claim refund by filing/Revising the ITR with correct income and correct tax paid.

Abhishek M (not) (68 Points)
Replied 17 March 2020

What will be the penalties or punishments imposed by the IT Department for not filing the ITR in the above case? Suppose the assessee filed self assessment tax of amount Rs. 52000 and filed for refund of amount Rs. 60000. Will not the IT department question that how did you file self assessment tax of Rs. 52000 whereas you are claiming a refund of Rs. 60000 now?