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Updated Return query
How to adjust my TDS refund of 8,500 in upadated return.since in Updated return I can't claim the refund.Due to which if I show Total Income of more than 5 lacs then I am liable to pay tax 12,000.Is there any solution to adjust refund and also keep the Total Income less than 5 lacs
Replies (2)
Quick Summary
Unless there is any additional tax liability, Updated return cannot be filed.
ITR-U can't produce a refund:
• An updated return (Sec 139(8A)) must result in additional tax payable. If you have TDS of Rs 8,500 and the tax liability after including the missed income is lower than the TDS (i.e. a refund), ITR-U can't be filed. TDS can be adjusted against the tax payable in ITR-U, but the result must be a net payable (with additional tax).
• Example: if tax on updated income is Rs 15,000 and TDS is Rs 8,500, payable Rs 6,500 plus additional tax (25–70% of tax and interest). Allowed.
• For refunds of old years, apply under Sec 119(2)(b).
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