26QC Correction Statement

Save Share

This query is : Resolved

Quick Summary

A user encountered an issue when filing their 26QC for rent tax paid on 31st May 2023. The system auto-populated the financial year as 2023-24 instead of 2022-23. Attempts to correct this by changing the dates to 31st March 2023 were only partially successful, and the user seeks advice on how to accurately reflect the 2022-23 financial year when the actual payment and deduction dates were in May.

Shalet Babu

Shalet Babu (Querist)

21 July 2023 We paid the tax on rent u/s 194IB for the FY 2022-23 on May 31st. Along with rent, we also paid the late paying interest. But while filing the 26QC for the same, when we select the Date of Payment and Date of Deduction as 31st May 2023, the FY was auto populated as FY 2023-24. When we tried to file a correction statement, we were able to change the FY to 2022-23 only if we make the Date of Payment and Date of Deduction as 31st March 2023. Kindly advise us if there is any way to make the FY as 2022-23.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

21 July 2023 Choose date of deduction as 31st March 2023 and date of payment as 31st May 2023.

Shalet Babu

Shalet Babu (Querist)

21 July 2023 But to file such a correction statement, we may need to submit proofs to the department for them to approve the same. And actually both the date of payment and deduction are 31st May. So is it technically possible?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

21 July 2023 Not possible in such a case.
Liability creation date will be the date of deduction i.e. 31st March.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now