Re: [aaykarbhavan] Query in Income Tax Return under Section 154

Hi

applicability of four years is only for escapement of income. It is for income determination only. Not for tax calculation or miscalculation. You can claim and it is your right.Tax arrears is having time limit for 60 years under Revenue Recovery Act. Like wise refund against government is your right and government cannot have undue enrichment of taxes beyond and it can corrected 

 

Yours always
V.Ramakrishnan

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From: "curiosity4learningmore@gmail.com" <curiosity4learningmore@gmail.com>
To: aaykarbhavan@yahoogroups.com
Sent: Saturday, 19 October 2013 6:49 PM
Subject: [aaykarbhavan] Query in Income Tax Return under Section 154

 

Hi,

Someone may please see the following and IF POSSIBLE, give reply:

Query 1

Assessee company filed ITR before the due date for AY 2010-11 (FYE 310310).

Assessee wrongly filled the TAN details in TDS Schedule of ITR. Consequently, refund is determined less.

As the mistake is apparently known one on seeing the TAN, can the assessee file rectification under Section 154 (for enhancing the refund), as the assessee is yet not lapsed the FOUR years as stipulated in the section.

Please confirm the understanding and further confirm the applicability of FOUR years for the given facts of the Assessee.

Ans : ………………

I request someone to support their replies with any URL or case laws so that I will also go through and improve my understanding.

Thanks in advance for your replies.

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