Incoime tax refund

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balasubramanian

Retired Govt Employee

25 Points Posted on 15 July 2012

I deposited income tax at an authorized bank on 31st march 2012 for the AY 2012-2013 under type of payment code 300 (self assessment). But the Banking software didnt accept it, and hence as per the advice of the bank staff i changed to AY 2011-2012, though no tax was due.

Now when i check the FORM 26AS the amount has been credited AY 2011-2012.

1. How can i get the refund?

2. Under what type of payment should i pay income tax for AY 2012-2013"(300)SELF ASSESSMENT TAX or (400)TAX ON REGULAR ASSESSMENT or (100)ADVANCE TAX or the other options as mentioned in challan no 280" for pension recieved during the FY 2011-2012.

Replies (2)

MAHESH GARG

AUDIT EXECUTIVE

334 Points Posted on 15 July 2012

Sir

the advice given by your bank staff was totally a foolishness. It's quite obvious that if you select A.Y:2011-12 the tax paid will be credited for the same assessment year and not A.Y: 2012-13.

Sir please don't mind but I really don't understand how u made such mistake.

But not to worry it's not a big deal.

Firstly, When you were paying tax on 31st march 2012 you should have selected advance tax instead of Self assessment tax if your bank software was not accepting.

Also Self Assessment tax means any balance tax paid by the assessee on the assessed income after deducting TDS and Advance tax before filing the Return of income.

Hence Self assessment tax cannot be paid unless the F.Y to which it relates has passed. if you tried paying self assessment tax on 1st april i think there would have been no problem with the payment.

Secondly, To make correction in the challan you will now have to intimate A.O and request him to credit the same in A.Y: 2012-13

Regards

balasubramanian

Retired Govt Employee

25 Points Posted on 15 July 2012

hi Mahesh,

Thanks for your promt reply. Yes i understood the mistake. Adding to your reply i found we could use this for correction in challans https://www.incometaxindia.gov.in/archive/LeftMenu_ChallanCorrectionMechanism_26082011.pdf, directly we can get it corrected from the bank.