I sold immovable property on 01 Sep 2021 for which purchaser deducted a sum of Rs 10.58 lakhs as TDS. I filed my ITR for AY 22-23 on 27 Jul 22 which was declared defective by ITD. I filed revised ITR on 15 Nov 23 and got refund of overdeducted TDS on 18 Jan 23. Interest on overdeducted TDS was not allowed. Please advise whether interest is permitted under the rules for the period Sep 21 to 18 Jan 2023 while this amount remained stalled with IT Deptt. I shall be thankful.
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INTEREST ON REFUND OF TDS
Replies (1)
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Reason for Denial: Interest under Section 399 was likely denied because the original ITR was defective and the valid return was filed belatedly in November 2023, disqualifying the taxpayer from claiming interest for the period of delay attributable to the defective filing.
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Next Step: Review the CPC refund intimation computation sheet and file a rectification under Section 154 if there is a miscalculation regarding the period after the valid return submission.
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