Advance tax paid but no liability is there

This query is : Resolved

Kapil Kumar (Querist)
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18 December 2015 We have Deposited the advance Tax in Quarter-I this year as that time profit is expected but now our company is in loss and as per our projections in next three month there is no other income mode so we think this year our company is going to be closed with loss in hand. So please tell me what should I do with the Amount of Advance tax which I have paid this year can it be refunded/carry forward by department in next year or Should I w/o the amount.
Please help me on this.

Regards,

Kapil Kumar

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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18 December 2015 What Ever Advance Tax paid Can be adjusted against your Income, If you Don't Have Income you can claim Refund by filing the Tax Return. You can opt refund by Cheque or Direct Credit , Department will Process you return than they will issue Refund order.

Kapil Kumar

Kapil Kumar (Querist)
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18 December 2015 Thank you very Much sir, but can you please send me the Notification or tell me the section under which this clause exist.

Regards,
Kapil Kumar

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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18 December 2015 Section 237-245 deals with refund
As per section 237, if any person satisfies the Assessing Officer that the amount of tax paid by
him or on his behalf or treated as paid by him or on his behalf for any year exceeds the amount
of tax payable by him, he shall be entitled to a refund of the excess tax paid by him.

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