Income tax return

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nani (Querist)
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17 March 2018 hi,

1. Filed income tax return for AY 2017-18 with in due date. Income declared is below 2 lakhs (rental income).

2. Received the refund of TDS deducted by tenant along with interest.

3. Now i want to revise the return to include my business income which i have not included in my original return.

4. Total income would be around 6 lakhs, so i need to pay back the refund received earlier.

my queries are:
i. Do i need to pay any interest and if yes, how to calculate the interest.
ii. Do i need to show the TDS amount in the revised return again.

kindly explain the total filing process.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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17 March 2018 1. compute interest as per section 234B, 234C (you may refer https://www.incometaxindia.gov.in/tutorials/6-interest%20payable%20by%20the%20taxpayer.pdf)

2. for interest payable on refund wrongly claimed, please refer https://www.incometaxindia.gov.in/tutorials/8-interest%20on%20excess%20refund.pdf

3. there is no provision for mentioning tax refund already claimed. So you need to pay the tax liability by a fresh tax challan including refund already claimed. For e.g.: lets say original tax credit was Rs 20 which you have already claimed as refund. Now the new tax liability is Rs 60. So you pay Rs 60 as tax. In the tax credit sheet, you will show both the TDS as well as self assessment challan details. The tax return will show refund due as Rs 20. Ignore that as while processing the return, income-tax department will adjust the same against refund already granted.

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