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Anil

Anil Rego  |388 Answers  |Ask -

Financial Planner - Answered on Aug 25, 2021

Anil Rego is the founder of Right Horizons, a financial and wealth management firm. He has 20 years of experience in the field of personal finance.
He’s an expert in income tax and wealth management.
He has completed his CFA/MBA from the ICFAI Business School.... more
Kachhal Question by Kachhal on Aug 25, 2021Hindi
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I have gone through your expert guide on Rediff.com. Kindly deliver your advice in my case as well. Thanks Sir.

I am a salaried class employee and filed ITR 1 for FY 2019-20 in Aug 2020. Inadvertently, I paid self-assessment tax twice through online (Rs 17,000 paid twice amounting total of Rs 34,000).

I wrote to the IT deparment for refund of the excess amount of Rs 17,000. The IT department advised me to file rectification online through my IT account. I tried in vain.

Kindly guide me in this regard.

Ans: A person can file revised income tax return anytime before the expiry of one year from the end of the relevant assessment year or before assessment of your ITR by an assessing officer, whichever is earlier.

You can claim refund in the revised ITR and provide necessary proofs that you paid excess tax (challan details and date of when both the self-assessment taxes were paid). If the claim holds good, a refund can be issued for the excess tax paid.

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 am a retired male senior citizen. I filed my income tax return for AY 2022-23 in form ITR-1 on 22nd July 2022 with NET Taxable income of 427200 with a mention of 5070 for rebate under 80 D towards my mediclaim insurance annual premium. Before doing the e-verification on line through Aadhaar linkage I noticed that my actual mediclaim insurance premium is 7070 which I had erroneously mistyped as 5070. So instead of e-verifying my above erroneous filing I filed a Revised Return on 20th August 2022 correcting the 80 D rebate claim to 7070 and the Net Taxable income became 425200. I e-verified this Revised Return immediately on line through Aadhaar linkage. Within 2 days of my filing this Revised Return I got an assessment Email from Income tax department where they have treated this Revised Return as Late filed Original Return and imposed a late fee penalty of 1000 and issued a Refund Order of my TDS. As such on my Net Taxable income of 427200 as per Original Return or 425200 as per Revised Return Income Tax is '0'. It appears that since I didn't e-verify my Original Return they have treated Revised Return as Late filed Original Return and imposed late fee of 1000. Now I am getting repeated emails from Income Tax department that I have not e-verified my Original Return of 22nd July. Can I e-verify my Original Return now and claim Refund of the 1000 Late Fee deducted by them? Shall be grateful for guidance and advice.
Ans: Return is taken up for processing only when it is verified. As revised return is verified before verifying original return, revised return is considered as original return. So in my view, even if original return is verified now, late fee will not be waived off as original return is considered to be filed after due date.

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My son got 95.299 percetile in jee mains. Didnt appear for advanced as he is preparing fot bits. He got CS business system in Thapar. Whats the best option through csab counselling. Whats the order of preference
Ans: With a JEE Main percentile of 95.2, your son is eligible for admission to several NITs and IIITs through CSAB counselling. His best options would be to prioritize NITs with strong computer science programs, followed by IIITs, and finally, GFTIs. A strong choice would be NITs like NIT Calicut, IIIT Allahabad, or VNIT Nagpur, followed by IIITs with CSE programs like IIITM Gwalior or IIIT Delhi.
Order of Preference for CSAB Counseling:
1. NITs with strong CSE programs:
Consider NIT Calicut, NIT Kurukshetra, SVNIT Surat, and VNIT Nagpur, as these are known for their good placements and infrastructure.
2. IIITs with CSE programs:
IIITs offer specialized computer science programs and are a good option if you're aiming for a career in software development or AI. Consider IIIT Allahabad, IIITM Gwalior, IIIT Delhi.
3. GFTIs (Government Funded Technical Institutes):
These are generally less prestigious than NITs and IIITs, but can still offer a good education. Consider COEP Pune or other GFTIs that have good placement records.
4. Thapar CS Business Systems:
While Thapar is a good institution, it's important to consider whether your son's interests align more with a traditional CS program or a more business-oriented one. He could also consider upgrading to a better CS program through CSAB if possible.
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Carefully consider your son's interests and career goals when filling out his preferences. Don't just focus on the top-ranked colleges; also consider the specific programs and their faculty.
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Check the previous year's cut-offs for each college and program to understand the level of competition.
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Research the placement records of each college and program to see how well graduates are getting jobs.
Infrastructure and Facilities:
Consider the quality of labs, libraries, and other facilities that are available at each college.
Location:
Think about the location of the college and whether it's suitable for your son's needs.
By carefully considering these factors and prioritizing the right choices, your son can maximize his chances of securing a seat in a good engineering program through CSAB counselling.

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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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