Excess refund

This query is : Resolved

Sai Sundar (Querist)
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29 May 2015 Dear sir/madam,
One of our clients filed IT return for AY 2014-15 claiming refund in original return. subsequently in revised return , no refund was claimed. Now the original refund has been processed and amt credited in assesse's bank a/c. Now what will happen.. will a demand come from dept? what should we do? should we pay the amt?

Thanks in advance

Nikhil Kaushik

Nikhil Kaushik (Expert)
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29 May 2015 yes. you would get a demand notice...

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Sai Sundar

Sai Sundar (Querist)
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30 May 2015 Thank u sir if we want to pay the amt in adv should we pay in minor code 300 (self asst tax) or 400 (regular assesment tax)

Nikhil Kaushik

Nikhil Kaushik (Expert)
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30 May 2015 if you pay now the code will be 300. You would still get the demand and then you will have to file rectification application...

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