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How to show refund received in ITR due to return being revised

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PARAMESWARA NARAYANAN

consultant

79 Points Posted on 31 March 2021

Dear Experts,

My client has filed IT return(Salary) and received refund for AY 20-21.

Now the department sent message stating that he has not disclosed certain interest income in

the return( SB Interest) as reported by the bank . Now he wants to revise the return considering

the SB interest and pay the taxes.

Now the question is where to show the refund received in ITR as he has to payback the refund

received.

Please clarify.

regards

P Narayanan

Replies (2)

Quick Summary

A taxpayer filed their IT return and received a refund, but later discovered they hadn't declared all interest income, such as savings bank interest. They now need to revise their return to include this income and pay the due taxes. The key question is how to correctly account for the refund already received when filing the revised return and paying the outstanding tax.