Issue related to itr u

619 views 2 replies

Sir, If a refund of Rs. 1000 arises after payment of a penalty in an updated return (ITR-U), how can we ensure that the refund is nullified? This is because refunds are neither allowed nor carried forward in ITR-U. Please explain.

Replies (2)

When filing an updated return (ITR-U), if a refund arises after payment of a penalty, you'll need to ensure that the refund is nullified.

Since refunds are neither allowed nor carried forward in ITR-U, you can follow these steps:

Step 1: Determine the Refund Amount Calculate the refund amount that arises after paying the penalty in the ITR-U.

Step 2: Pay Additional Tax or Interest To nullify the refund, you can pay additional tax or interest. This can be done by: - _Paying self-assessment tax_: If you have any other tax liabilities, you can pay self-assessment tax to offset the refund amount. - _Paying interest under Section 234B or 234C_:

If you have any interest liabilities under Section 234B or 234C, you can pay the interest to offset the refund amount.

Step 3: File a Revised ITR-U After paying the additional tax or interest, file a revised ITR-U to reflect the changes. Ensure that the refund amount is reduced to zero.

 Step 4: Verify the Refund Status Once you've filed the revised ITR-U, verify the refund status on the income tax department's website to ensure that the refund has been nullified.

By following these steps, you can ensure that the refund arising from the payment of penalty in the ITR-U is nullified.

I hv seen many persons itr not filed.

 

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 04 June 2026
Article

Rakhecha & Co.

New Delhi

CA Inter

View Details
Company
19 June 2026
Accounts Executive

Getfive Advisors Pvt. Ltd.

Ahmedabad

CA Inter

View Details
Company
ARTICLESHIP 28 June 2026
Article Assistant

Sharma Chetan And Company

Gurgaon

CA Inter

View Details
Company
24 June 2026
Chartered Accountant

CA Darshita Shah & Co

Nadiad

CA

View Details
Company
ARTICLESHIP 09 June 2026
Article Trainee

Numbertree LLP

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 30 June 2026
Taxation Content Writer Intern

Interactive Media Pvt Ltd.

New Delhi

CA Inter

View Details
Company
Featured 15 June 2026
Senior Auditor

N. Dhawan & Co

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 20 June 2026
Articleship

RB KESHRI & CO

Mumbai

B.Com

View Details