Tds refund claimed by mistake
This query is : Resolved
19 December 2014
i submitted my 2014-15 return in due date but claimed tds refund wrongly by ignoring some income. now i got refund cheque. now i realised that i have not declared some income and would like to undo mistake. should i ask for revision filing or rectification? and also how to remit back the refund which i already received..kindly let me have expert advice..thanks
CA Kumar Mukesh
(Expert)
20 December 2014
Dear Mr. Rao you need to revise your return of income on before 31st March 2016 by disclosing all relevant details on income and need to pay tax or reduce the refund claim.
Further, you need to pay Interest under section 234D for wrongly claiming refund.
Further, you need to pay Interest under section 234D for wrongly claiming refund.
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Rupesh Jain
(Expert)
20 December 2014
you can revised the return and pay the diff. tax on your income. and also you have to pay the intt. for getting refund wrongly.
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28 December 2014
but how to account for refund wrongly received. under what head i should remit the refund (wrongly received).should i have to wait for ITO intimation in this regard or i can proceed and pay the refund(wrongly received) under the head "self assessment tax". kindly clarify..thanks in advance
CA Kumar Mukesh
(Expert)
28 December 2014
The Entry will be
If self assessment tax is already transferred to capital account
Bank A/c Dr. Dr
to Income Tax Refund AY
to Interest on Income tax
However, if self assessment and provision for taxation are maintain.
Serf Assessment Income A/c Dr
Bank A/c Dr
to provision for taxes
to Interest on income Tax
After the revision of Return, Entry of Tax Payment
Income Tax Adjustment A/c
to Bank
If self assessment tax is already transferred to capital account
Bank A/c Dr. Dr
to Income Tax Refund AY
to Interest on Income tax
However, if self assessment and provision for taxation are maintain.
Serf Assessment Income A/c Dr
Bank A/c Dr
to provision for taxes
to Interest on income Tax
After the revision of Return, Entry of Tax Payment
Income Tax Adjustment A/c
to Bank
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