While submitting the revenue tax return (ITR) for AY 2022-23, my son wrongly talked about deduction of TDS by financial institution for the 12 months 2020 as an alternative of 2021 whereas searching for a refund of ₹27,873. Thereafter, my son filed a revised ITR u/s 139(5) and acquired this refund. However, the revenue tax web site now exhibits the next:
1)Refund of ₹18,845 awaited.
2)On the intimation u/s143(1) for revised return, the revenue tax division has talked about a refund of ₹27,873 (which he obtained in his account). At the top of the ITR, it’s displaying quantities of ₹19,036 and ₹27,873, respectively.
Separately, the NSDL web site is mentioning TDS on curiosity.
What does all this imply and what ought to my son do?
—Name withheld on request
Based on the knowledge supplied, it’s understood that your son has acquired the revenue tax refund of ₹27,873 after submitting the revised return of revenue for AY 2022-23.
Considering that the refund quantity, as decided within the intimation issued underneath part 143(1) of the Income-tax Act, 1961 is already duly acquired, no motion ought to at present be required out of your son’s finish.
In the absence of entry to the intimation issued by the tax authorities, it’s not doable to touch upon the numbers showing within the mentioned intimation or the refund awaited particulars showing in your revenue tax portal. However, in case your son has acquired any curiosity on the tax refund from the tax authorities, he ought to embody this revenue whereas submitting the tax return for FY 2022-23.
He could reconcile the quantity of TDS deducted by the tax authorities on this curiosity, by means of his Form 26AS, AIS and TIS (which may be downloaded from the revenue tax web site) for FY 2022-23 and declare such TDS credit score whereas submitting his tax return for the mentioned FY.
Parizad Sirwalla is associate and head, world mobility companies tax, KPMG in India.
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