I have a query regarding that an Govt. employeed retired in Oct. 2024 and all his retirements benefits were paid in the financial year 2025-26 but i have shown his retirement benefits when they were due that is the ITR filed for the FY 2024-2025(at that time those retirement benefits were not visible in the 26AS or AIS of the FY 2024-25 but now they are visible in the FY 2025-26 AIS and 26 AS what should i do now? should i file the updated return for the FY 2024-25 or any other solution which is recommended in this case.
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Query regarding retirement benefits
Replies (1)
Since salary/retirement benefits are taxable on a due or receipt basis, whichever is earlier, your reporting in FY 2024-25 was legally correct. Do not file an updated return for FY 2024-25. Instead, log into the portal and submit online feedback in the FY 2025-26 AIS stating that this income was already reported in the previous financial year. If a mismatch notice is generated for FY 2025-26, simply submit a response explaining that the tax was already accounted for on a due basis, backed by the retirement order and your FY 2024-25 ITR copies.
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