Revise ITR after Refund processed - High Value Transactions
This query is : Resolved
31 March 2021
Hi
I filed my ITR in Nov 2020 and my tax refund was successfully processed and credited in Dec.
However on 29th March 2021, like many others I received the message for acknowledging high value transactions and revise ITR if applicable.
My query:
My total tax paid was X and tax liability was X minus 15000. So i got a refund of 15000 in Dec 2020.
However now my tax liability after declaring other sources under savings accounts and FD is "X plus 15000". So, as I have already received the refund, my additional liability should be 30,000. however the portal is not yet updated with the tax refund that was processed in Dec 2020 and its asking me to pay only 15,000 as the additional tax (instead of 30,000)
I filed my ITR in Nov 2020 and my tax refund was successfully processed and credited in Dec.
However on 29th March 2021, like many others I received the message for acknowledging high value transactions and revise ITR if applicable.
My query:
My total tax paid was X and tax liability was X minus 15000. So i got a refund of 15000 in Dec 2020.
However now my tax liability after declaring other sources under savings accounts and FD is "X plus 15000". So, as I have already received the refund, my additional liability should be 30,000. however the portal is not yet updated with the tax refund that was processed in Dec 2020 and its asking me to pay only 15,000 as the additional tax (instead of 30,000)
Ganeshbabu K
(Expert)
31 March 2021
you can declare and pay actual liability as per your computation and file revised return and submit response accordingly
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Issuing of delivery challan by seller of goods
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- EPF ECR NEW RULES Sep 17th 2026
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
