Tax paid on interest on i.t. refund
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 March 2014
I have paid advance tax for 2012-2013=10 lakhs. I have filed my return with tax liability as nil. After intimation u/s 143(1), I received refund of advance tax=10 lakhs and interest on I.T. refund=30,000. However within 6 months from the end of the financial year in which the return was furnished, scrutiny assessment’ u/s.143 (2) was carried out, and it was held that my tax liability was not nil and I had to pay tax on my tax liability which was more than the amount of advance tax. So, the question of interest on IT Refund does not arises and I have to repay back Rs. 30,000 to the IT Department.
I had shown interest on I.T. refund= 30,000 as other income in the subsequent year and paid taxes (@30% on 30,000)=9,000. But, due to the scrutiny assessment’ u/s.143 (2) being carried out, I have to refund back entire Rs. 30,000. So what treatment will be done to the tax paid on Interest on I.T. Refund= 9,000?
I had shown interest on I.T. refund= 30,000 as other income in the subsequent year and paid taxes (@30% on 30,000)=9,000. But, due to the scrutiny assessment’ u/s.143 (2) being carried out, I have to refund back entire Rs. 30,000. So what treatment will be done to the tax paid on Interest on I.T. Refund= 9,000?
CA Jitender Sharma
(Expert)
22 March 2014
for Claiming refund you need to file revised return for the A.y in which u have offer this as your income.
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
- Tax on Amount transferred in HUF Account
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- GST input credit on commercial property
- Nursery business
- TDS on Dashcam rent and allied services
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Working on Gold wastage during Melting of old gold jewellery
- How do you manage client document collection and follow-ups in your CA/CS practice?
- Royalty payments to the Mining Department for procurement of murum - GST input
- Capital gains in IT returns
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- 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
- 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
