Can we revised ITR return of Pvt Ltd for Excess TDS refund AY 2020-21

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Account Manager
40 Points Posted on 01 May 2021

Hi designated members,

We have been already ITR filled of Pvt Ltd. at the audit report filling time our TDS amount shown Rs 32 Lakh(as per 26AS) but after that our TDS amount have been increased of Rs 5.38 lakh (as per 26AS Total TDS amount increase 37.38 Lakh) As per ITR filling TDS refund received as on 31-03-2021. Can we revised our Pvt. Ltd. co. ITR for excess tds refund? Please advice.

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On 01 May 2021 at 12:27 Report
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Quick Summary
A private limited company filed its Income Tax Return (ITR) with a TDS amount of Rs 32 Lakh, but the actual TDS later increased to Rs 37.38 Lakh. The ITR was processed, and a refund was received based on the initial amount. The discussion explores whether the ITR can be revised to account for the excess TDS refund. The consensus is that a rectification, not a revised return, is the appropriate action, especially if an order under section 143(1) has been received. The time limit for rectification is generally four years from the end of the financial year in which the order was passed, and advice is provided on how to file a rectification request.

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1392 Points Posted on 01 May 2021
Yes you can file
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On 01 May 2021 at 12:49
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Practising CA
8954 Points Posted on 01 May 2021
You need to file rectification and not revised return.
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On 01 May 2021 at 13:02
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Account Manager
40 Points Posted on 01 May 2021

Dear Raj C Doshi,

How can file rectification and what is last date of rectification of AY 2020-21?

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On 01 May 2021 at 13:55
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CMA
13117 Points Posted on 01 May 2021

Time limit to file rectification is 4 years from end of the FY in which the order is passed. You still have time to rectify:

1) Login > eFile > Rectification (enter relevant info)

2) Select: Tax Credit Mismatch correction

Here is the link for more details: https://tax2win.in/guide/rectify-income-tax-return-u-s-154-1-rectification-request

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On 01 May 2021 at 14:19
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be a chartered accountant
42 Points Posted on 01 May 2021
You can file revise return till 31st May as return filing for FY 19-20 open again
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On 01 May 2021 at 16:04
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Chartered Accountant
24588 Points Posted on 01 May 2021
File revised or rectification return under condonation of delay u/s 119(2)(b) only under approval from CIT
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On 01 May 2021 at 16:55
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Practising CA
8954 Points Posted on 01 May 2021

You can now file a revised return before 31.05.2021 as per todays notification.

 

https://www.indiatvnews.com/business/income-tax-tax-compliance-itr-filing-fy20-deadline-extended-till-may-31-cbdt-latest-news-701799

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On 01 May 2021 at 17:03
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Chartered Accountant
86505 Points Posted on 01 May 2021
Due date was extended upto 31 May 2021, so you can revise upto 31 May
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On 01 May 2021 at 17:25
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Chartered Accountant
24588 Points Posted on 02 May 2021
File revised or rectification return before 31.5.21
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On 02 May 2021 at 05:53
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Account Manager
40 Points Posted on 03 May 2021

Thanks for information.

Our ITR processed. Can we do rectification or revision of  our ITR of AY 2020-21?
 

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On 03 May 2021 at 13:56
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Chartered Accountant
86505 Points Posted on 03 May 2021

YOU ARE REQUIRED TO REVISE THE RETURN

 

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On 03 May 2021 at 19:58
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PROPRIETOR
862 Points Posted on 05 May 2021

Please revise your return as rectification is possible only in case of order u/s 143(1) is received.

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On 05 May 2021 at 16:09

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