Query on income tax

professional (Querist) 19 January 2024 This query is : Resolved
This pertains to my IT return for AY 21-22. I had filed the ITR return within due date (i.e. before 31st Dec 2021). The Due Tax payment (self-assessment Tax) of about INR 2 Lacs was paid within 4 days of the filing of Tax. I also paid interest of around 7000/-, as reflected in the Income Tax system, though no interest should have been applicable

Please let know whether I can file:

1) Rectification to update my challan for payment of INR 2 Lacs. I was told that last date of filing rectification was 31st Dec 2023, for AY21-22. Can you please confirm whether I can file rectification. In this case I am getting Tax due of around 35,000/-, as it is not capturing date of challan payment and calculating interest for delay. Actually, no interest should be applicable.

2) Updated return under 139 (8A): However, in this case, I am getting marginal refund of around 6500/- (nearly same as the interest amount I had paid), but since refund is not allowed under 139 (8A), I have to manually make it zero, before system allows the filing.

Please confirm whether 1) or 2) is the right way to proceed.

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Quick Summary

A taxpayer filed their income tax return for AY 21-22 before the due date and paid self-assessment tax and interest. They are now seeking advice on whether to file a rectification to correct the challan payment date, which has led to incorrect interest charges, or to file an updated return under section 139(8A) to claim a refund that is nearly equal to the interest paid. The user has been advised to post their query on a CA club forum for expert advice.

T. Kalaiselvan, Advocate (Expert) 21 January 2024
A very good question but posted in a wrong forum. There is a CA club attached to this website, you can post this query in order to get proper replies through chartered accountants

professional (Querist) 21 January 2024
Thank you Sir. I have also posted on CA club, but there is yet no reply from experts.

T. Kalaiselvan, Advocate (Expert) 21 January 2024
It is an exclusive subject of the chartered accountants, hence there is no justification that since you could not get any reply there, you have approached the lawyers club on the subject which is not related to them.

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