REGARDING ITR U/S 148 OF THE INCOME TAX ACT, 1961

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This query is : Resolved

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This discussion addresses whether an individual can claim a refund for interest paid when filing a revised Income Tax Return (ITR) under Section 148 of the Income Tax Act, 1961. Even if the original return under Section 139(1) included tax and interest, a refund for the interest amount can be claimed when filing under Section 148. However, the final assessment will account for interest up to the submission date of the revised ITR.

Suresh S. Tejwani

Suresh S. Tejwani (Querist)

11 September 2024 If party has paid Tax with interest while filing Original return u/s 139(1)
So now in assessment proceeding Return to be filed u/s 148 There is no interest showing while generating computation of income and amount refundable is showing in computation
So can we claim refund while filing return u/s 148?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

11 September 2024 Yes, you may claim; but finally it will be assessed with interest till the date of submission of the revised ITR.

Suresh S. Tejwani

Suresh S. Tejwani (Querist)

11 September 2024 The assesse has not revised his ITR only computed Tax Liability with interest
Now we have been given Fresh opportunity to file ITR u/s 148 when we add challan in the ITR we have Amount refundable showing of interest amount paid

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

11 September 2024 Yes, you file as per the utility / calculation; rest the officer will take care.

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