Excess income tax paid

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 July 2015 Earlier at the timing of filling return i have paid the income tax rs.30000, but subsequently i revised it and now the liability comes to 25000, can i claim the said diff(30000-25000) amount as refund and if yes then within what time period???
Please reply ASAP.
Its urgent

CA Himanshu Ojha

CA Himanshu Ojha (Expert)

07 July 2015 I assume here that you have filed your Original Income Tax return on or before the limit given in the section 139(1).

The option of revise return u/s 139(5) is available with you.

As per section 139(5), the revised return can be filed before the expiry of one year from the end of the relevant assessment year or before the completion of assessment, whichever is earlier. Thus return of A.Y 2014-15 can be revised till 31st March 2015 or before the completion of the assessment whichever is earlier.

Please note some Important point -
-> If you missed any deduction or income in the return you can refile it.
-> If some information come to your knowledge after filing the return you can refile it.
-> Revision is allowed only if the omission was unintentional. The benefit of Section 139 (5) cannot be claimed by a person who has filed fraudulent returns. Section 139 (5) will apply only to cases of ‘omission or wrong statements’ and not to cases of ‘concealment or false statements’. Once you revise returns, the original stands withdrawn. If the omission(s) in the original return is intentional, the assessee will be penalised.

So just file the revise return & claim your refund.

Trust this clarifies.

Querist : Anonymous

Querist : Anonymous (Querist)

08 July 2015 Thank you Very much but can you specified the time limit for claiming such refund and procedure for the same??????

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