Hi,
I had income from other sources for the financial year 2015 - 2016 and paid the advance tax accordingly with interest wherever applicable.
While paying the advance tax, I chose wrong Assessment year( 2015 - 2016 ) instead of 2016 -17. Now, I have received an intimation from IT department, regarding non-payment of tax.
After searching a while on google, I found that I need to submit rectification of my return under section 154.
The notice given by IT department, have more tax applicable due to interest pending from last year than what I paid at that time, according to the interest at that time.
Now my question is, will IT department, readjust the interest till the time I paid advance tax ( with wrong assessment year ) or include the interest till this date?
CAclubindia
