Advance tax was paid wrongly for financial year 19-20 but actually it was for 2020-21. How to adjust the same while filing the ITR for FY-2020-21.
Replies (7)
Quick Summary
This discussion addresses the issue of paying advance tax for the incorrect financial year, specifically FY 2019-20 instead of FY 2020-21. While some suggest getting the challan corrected by the Assessing Officer (AO) or filing a rectification for FY 2019-20 to claim a refund, others state that tax payments cannot be adjusted between different financial years. The consensus leans towards paying the correct tax for FY 2020-21 separately, as the wrongly paid amount may not be directly adjustable.
What is the amount involved. ? Have you evaluated taking a refund for fy 1920 by way of rectification and paying self assessment tax in fy 2021 if the client has spare funds.?
Try fy 1920 rectification, you might received the refund in a month and then you can use the same funds to pay fy 2021 sa tax before return filing due date.
ofcourse going to the officer is advisable provided he does the changes really fast