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Hardik Parikh | Answer |Ask -Follow

Tax, Mutual Fund Expert - Answered on Jul 29, 2023

Hardik Parikh is a chartered accountant with over 15 years of experience in taxation, accounting and finance.
He also holds an MBA degree from IIM-Indore.
Hardik, who began his career as an equity research analyst, founded his own advisory firm, Hardik Parikh Associates LLP, which provides a variety of financial services to clients.
He is committed to sharing his knowledge and helping others learn more about finance. He also speaks about valuation at different forums, such as study groups of the Western India Regional Council of Chartered Accountants.... more

Question by Subir on Jul 29, 2023Hindi

Money

can i claim tds refund on revised return

Ans: Sure, Subir. You can indeed claim a TDS refund when you file a revised return. If you've discovered that there were errors in your original return and you've paid more tax than you should have, you can file a revised return to correct these mistakes.

The Income Tax Act of 1961, Section 139 (5), permits taxpayers to file a revised income tax return if they've made errors in the returns filed earlier. If the actual tax payable is not equal to the TDS, you need to calculate your income and taxes and file Income Tax Return (ITR) to claim TDS refund.

However, please note that you can only revise the return if the original one was filed on time. Belated returns cannot be revised.

Once your revised returns are processed, if there is any excess tax paid by you, it can be claimed as a refund. The refund will be credited to your bank account through ECS transfer.

I hope this answers your question.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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I'm working in corporate industry and TDS is deducted based on the new slab in this financial year, can I change the slab to old slab at the time of filing IT return and get the refund?

Ans: Yes. In case an employee does not choose the tax regime at the beginning of the financial year, the employer will deduct tax (TDS) under the existing tax regime. A salaried taxpayer can opt-in and opt-out every year. That means you can choose the new tax regime in one year and choose the regular tax regime in another year. They need not declare or intimate their choice to anyone at any time during the year.

You can always change between the new and old tax regime while filing your returns.

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I have sold my house for which the buyer has deducted TDS of Rs.80000/- in March 2023.However I will also deduct TDS OF Rs.125000/- in April 2023 on my purchase of property.Please let me know whether I can claim TDS of refund TDS of Rs 80000/- in my income tax return for the financial year 1922-23 since I have purchased the house but TDS will be recovered in April end.

Ans: Yes, refund can be claimed if gain amount is invested in another property on or before filing of income tax return and tax liability is NIL for income computed for FY 22-23.

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Asked by Anonymous - Sep 06, 2023Hindi

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I understand that it takes upto three months, after filing of return for TDS to be refunded. Is that the case, even if the return has been revised subsequently?

Ans: I understand that your query is pertaining to original ITR wherein higher amount of TDS is claimed as refund and in revised ITR, lower amount of TDS is deducted. If return is processed and refund is issued before filing revised ITR; Tax amount pertaining additional TDS will be required to pay with interest, as applicable.

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Asked by Anonymous - Jul 24, 2024Hindi

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I have recieved the amount from the Govt. For Land acquisition. For that they have deducted TDS of 10% in AY2023-24. I have missed to file ITR and claim TDS refund. Can i claim refund now?

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Hello Sir/Mam, Currently I'm investing in SIP as per below for the last 3 years, my goal is to achieve 2 crores by the next 10 years. Please suggest me if these MFs are good or any rebalancing is required. I'm planning to increase the SIP by 10% each year. Parag Parikh Flexi Cap - 5K Aditya Birla SF BAF - 2K SBI Large & Midcap - 5K Quant Small Cap - 3K SBI Gold Fund - Growth - 5K Canara Robeco Large cap - 5K Thanks.

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Your portfolio is well-allocated across flexicap, large & midcap, small cap, BAF and gold, offering a balanced mix of growth, stability and diversification.

Given your 10-year horizon, keeping a higher allocation towards flexicap and large & midcap funds is appropriate, as these categories help manage volatility while still capturing long-term growth. The small-cap exposure adds additional long-term growth potential, while the Balanced Advantage Fund (BAF) provides stability through its dynamic asset allocation. Your gold allocation further supports diversification and can cushion the portfolio during equity market stress.

At this stage, no major rebalancing is needed. Since you plan to increase your SIPs by 10% every year, directing this additional amount mainly towards your flexicap or large & midcap fund will further strengthen the core of your portfolio over time.

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My married ex still texts me for comfort. Because of him, I am unable to move on. He makes me feel guilty by saying he got married out of family pressure. His dad is a cardiac patient and mom is being treated for cancer. He comforts me by saying he will get separated soon and we will get married because he only loves me. We have been in a relationship for 14 years and despite everything we tried, his parents refused to accept me, so he chose to get married to someone who understands our situation. I don't know when he will separate from his wife. She knows about us too but she comes from a traditional family. She also confirmed there is no physical intimacy between them. I trust him, but is it worth losing my youth for him? Honestly, I am worried and very confused.

Ans: Dear Anonymous,
I understand how difficult it is to let go of a relationship you have built from scratch, but is it really how you want to continue? It really seems to be going nowhere. His parents are already in bad health and he married someone else for their happiness. Does it seem like he will be able to leave her? So many people’s happiness and lives depend on this one decision. I think it’s about time you and your BF have a clear conversation about the same. If he can’t give a proper timeline, please try to understand his situation. But also make sure he understands yours and maybe rethink this equation. It really isn’t healthy. You deserve a love you can have wholly, and not just in pieces, and in the shadows.

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Hi Anu, My husband doesn't do house chores. We both work full-time, but I still end up cooking, cleaning, and doing laundry. When I ask for help, my partner will say, ‘Just tell me what to do,’ but then he conveniently forgets. Maybe he doesn't like it or he is genuinely forgetful. I have tried many ways to make him explain. Once I only did my share of laundry to make him realise but he simply ignored. Every week this pattern repeats. Is this normal? How can married couples divide responsibilities fairly to avoid fights?

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I have 2 marksheet one is completed 12th from bio subject and other one is single maths marksheet but both are of same boards, with this marksheet I gave jee, and take admission in engineering college...but now I have a doubt cani eligible for placement drive?

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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