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Regarding TDS Refund


Kamlesh Tolani (accountant)     20 August 2020

Kamlesh Tolani
accountant 
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Respected all members
I have file income tax return for the f.y.2018-19 and claim tds refund
but bank account number wrongly enter by mistake.
so tds not credit in bank account
now whcich process for claim tds refund.
Sagar Patel

Sagar Patel (Tax and Business Consultant)     20 August 2020

Sagar Patel
Tax and Business Consultant 
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If at income tax website, it's shown that refund is declined due to wrong/incorrect bank account number, than you can make request for refund reissue online from website with correct/new bank account number.

Note: Also prevalidated your bank account, which you are suppose to give in your refund reissue request.
Kamlesh Tolani

Kamlesh Tolani (accountant)     20 August 2020

Kamlesh Tolani
accountant 
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Thank u very much sir
Santosh jaiswal

Santosh jaiswal   20 August 2020

Santosh jaiswal

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You can rectify return and fill the correct bank details in utility and prevalidate the bank account with correct account number
Sagar Patel

Sagar Patel (Tax and Business Consultant)     23 August 2020

Sagar Patel
Tax and Business Consultant 
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@ Santosh ji
In this case, rectification of return is not possible and also not required.
Only refund reissue request with correct bank account number is enough.
1 Like
Kamlesh Tolani

Kamlesh Tolani (accountant)     23 August 2020

Kamlesh Tolani
accountant 
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Thank u sir ji for help
Sagar Patel

Sagar Patel (Tax and Business Consultant)     23 August 2020

Sagar Patel
Tax and Business Consultant 
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Most Welcome.......Kamlesh Tolani ji
G Sharath Kumar

G Sharath Kumar   25 August 2020

G Sharath Kumar

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Mr.Sagar ji
what is the difference between Revised & Rectification?
how many times we can file revised itr returns.?

I, in some cases entered a wrong entry as 80TTA of FD interest which must be considered as income. late realization. then I filed a revised return.

When to file revised return ?
when to request rectification?

thanQ in advance Sagar ji
you are very helpful to us in many doubts
Sagar Patel

Sagar Patel (Tax and Business Consultant)     30 August 2020

Sagar Patel
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Once you submit and verify your income tax returns, an income tax Assessing Officer will authenticate the data you have entered and will send you an "Intimation u/s 143(1)" of the Income Tax Act. Here, you will need to match the data you’ve submitted and computed u/s 143(1) by the assessing officer. If there is a mistake, it will need to be corrected by submitting a rectification request by you..

You can submit a rectification request after the income tax return is processed or on receiving an Intimation u/s 143(1). You can rectify mistakes apparent from the record. Under this section, one can rectify clerical, arithmetical mistakes, a mismatch in tax payments, inclusion of income chargeable under an incorrect heading, and even changes in your resident status, Rebate not allowed, TDS Credit in 26AS but not allowed by officer. Further, there must be confirmation that the mistake is apparent from the records and it is not a mistake that requires debate, elaboration, investigation, etc.

You can file a rectification request within 4 years from the date of the order that needs to be rectified, not necessary the original order. Thus, even after you file a rectification request and there continues to be an error in the revised order, you can file another rectification within 4 years from the date of the revised order.

If you unintentionally failed to include certain income or forgot to claim additional income exemptions, then file a revised return. There is a possibility where one could have forgotten to include interest income or even misplaced a donation receipt to claim exemption under Section 80G. Means there is a change in income or Deduction or claim we can file revised return. A revised return can be filed even before receiving an Intimation u/s 143(1).

You can file a revised return under Section 139(5) of the Income Tax Act "any number of time" before the end of the assessment year.


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