How to get back IT Credit????

Mr.Vinay

The assessee can move an application u/s 154 requesting for credit of tax paid u/s 140A and refund of  the same.

Any how let me know what are the circumstances that prompted the assessee to pay sum huge amount of tax u/s 140A.  You are aware that the tax paid u/s 140A is arrived at the total income concluded by the assessee himself. 

Best Wishes

Sathikonda

Earlier one of his relative was looking up his tax related issues.., the assessee neither aware of the payment nor he was informed about the payment. While computing the his tax liability for AY 2010-11 we did not look into his 26AS, Directly we computed the tax libility, earlier he had paid a sum of Rs.1,00,000 as Advance tax and a balance sum of 53+K was paid as self asst tax.., We came to knw about that payment when we were computing AY 2011-12 tax laibiltiy..,

filing rectification u/s 154 is only solution, please check the time limit from the date of communication of intimation u/s 143(1), normaly its 30 days 

Mr.Vinay and Mr.U.S.Sharma

An order u/s 154 of Income-tax Act, 1961 can be passed within four years from the end of the financial year in which the order sought to be amended was passed. 

Please see the provisions of sub-section (7) of Section 154 of Income-tax Act,  1961.

The thirty (30) days time limit is the time limit to file an appeal before the commissioner (Appeals) u/ss 246 and 246A.  Please see sub-section (2) of 249 of Income-tax Act, 1961.

No fee is payabale for moving an application u/s 154.  The prescribed fee has to be paid for filing an appeal.  Please see sub-section (1) of Section 249 of Income-tax Act, 1961.

Best Wishes

Sathikonda

You can file rectification by uploading Rectification XML by login into your a/c and mentioned it clearly the details about  self assessment tax details

We can claim refund amount with interest U/s 244A

Mr.Manish Negi

If there is a mistake in the return filed by an assessee, it can be rectified by filing a revised return if there is time to do so.  Section 154 is meant for rectification an order passed by the Income-tax Authorities or an intimation framed u/s 143(1).

Best Wishes

Sathikonda

First of all - revised return could be filed before the completion of assessment. Since notice u/s 143(1) is already issued the same would not help.

Second - rectification u/s 154 could be filed in relation to any mistake apparent from record in the order. Since there is no mistake in the order (actually the mistake is in filing the return of income and return was processed accordingly). The same would not help.

But still i say you could put the facts before the AO and file app u/s 154. Now a days not all AO are vicious. A genuine AO would definitely understand the situation and would help even if the same is slightly away from guidelines.

Thank u very much ..., I will file rectification return,..,