Refund

This query is : Resolved

Sejal Lalit Jain (Querist)
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20 July 2011 Urgent

if our refund for the F.Y. 2010-11 exceeds Rs. 1,00,000/-, can we carry forward our Refund to this quarter and claim set off

Kindly inform us.

Nitin Lakhmani

Nitin Lakhmani (Expert)
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20 July 2011 No it is not possible.

Assessee can not set of his/her tax against last year refund. Only IT dept have such right to set off your tax credit against demad of past period(s).

Sejal Lalit Jain

Sejal Lalit Jain (Querist)
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20 July 2011 actually having VAT refund for 31/3/2011 and for quater ending June we need to pay VAT hence can the net be payable