Advance tax

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Ritu Alwani (Querist)
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16 May 2014 My client has made payment of advance tax for the assessment year 15-16.
Now how to deal with this situation?
The advance tax will be refunded or adjusted for the relevant assessment year??

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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16 May 2014 its a mistake or something else ??

Nikhil Kaushik

Nikhil Kaushik (Expert)
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16 May 2014 it wont be refunded...you can claim the credit for tax liability for AY 2015-16 or approach AO for amending the challan details to amend AY.

Ritu Alwani

Ritu Alwani (Querist)
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17 May 2014 Dear Murtaza

Its a mistake

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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17 May 2014 then you have to do rectification of challan by writing a letter of A.Y. mistake to A.O.
by doing this you will tranfer you amount to previous year (right) Financial year. after then you will calculate your income tax.

Ritu Alwani

Ritu Alwani (Querist)
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21 May 2014 ok
thank u murtaza and nikhil

Nikhil Kaushik

Nikhil Kaushik (Expert)
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21 May 2014 you are welcome Ritu..

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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21 May 2014 You are Welcome....!!!

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