a nri client has kept nre fd which has run for less than 1 year till last financial year end.
he has returned to India last year itself.
filed return as resident as he does not have any foreign involvement.e or assets except nre fds. he has to pay tax on nre fd interest like any other resident.
on analysis his fd is less than one year as on 31st March and hence no interest accrue to him on these fds since if he prematurely breaks no interest will b paid as on 31st March.
can he make revision of itr with less interest and claim refund.
he shall treat this fd on cash basis of accounting
If there was No Such Interest and you have presumed that and paid the income tax there on and if the return is filed within Due date then Yes you can revise the return and claim the Refund.
Thanks.
CAclubindia
