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Tejas Chokshi | Answer |Ask -Follow

Tax Expert - Answered on Jul 21, 2023

CA Tejas Chokshi has over 20 years of experience in financial planning, income tax planning, strategic and risk advisory, banking and financial products and accounting and auditing.
He is an information system auditor, a forensic auditor and concurrent bank auditor.
Chokshi, who has a master’s degree in management, audit and accounting from Gujarat University, has completed his CA from the Institute of Chartered Accountants of India.... more

Question by Pranab on Jul 21, 2023Hindi

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Hello Sir, I self file ITR for AY 2023-2024 under category ITR1. I have an account with Bank of America with $3700 in the savings account. I missed to report this in the filing. Will it cause any issue? If yes, please suggest remediation, if any. Regards, Pranab

Ans: You can file revise return and report this information to tax authorities. I do not think that it may create any issue, if this information is provided in revised return.

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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Question by Manoj - Aug 23, 2022Hindi

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Dear Sir, I have missed to file my individual ITR filing for the Asst. Year 2021-22 (FY: 2020-21) having refund of TDS approximately Rs 25,000. Is there any way to file the delayed ITR for the year ended 31.03.2021 (AY: 2021-22)? If possible kindly advise how to file it.

Ans: You may file applications for condonation of delay in filing returns claiming refund as per provisions of Sec 119(2)(b) of the Income-tax Act. As per Circular 9/2015, the Principal Commissioners of Income-tax shall be vested with the powers of acceptance/rejection of such applications/claims.

The powers of acceptance/rejection of the application will be subject to conditions like verification of income/loss declared and/or refund claimed and case is of genuine hardship on merits.

Once your application is accepted and order is passed by Principal Commissioners of Income-tax u/s 119, you will be able to file Income Tax Return at www.incometax.gov.in (external link).

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Question by Pallavi - Oct 18, 2022Hindi

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On downloading my AIS and 26AS for AY 2022-2023 in June this year I found that interest paidfor Rs.60000 and TDS Rs.6000 each on 04/08/202 and 09/02/2022 on someone else's Taxable Savings Bonds with a Punjab National Bank branch has been wrongfully reported in my PAN in IT Portal besides my interest. I mailed complaints to their customer care, submitted written complaint with the branch and mailed multiple times but to no avail. After I lodged complaint with RBI Ombudsman they replied and also to RBI that mistake has been rectified on 29 Jul '22. On that basis I submitted my ITR on 30/7/22 excluding interest income of Rs 120,000 and TDS Rs 12,000 not pertaining to me. I also submitted feedback in AIS. But the AIS is showing this interest. I did not verify my ITR as the rectification done by bank is not yet reflected in my 26AS. After I lodged complaint again with RBI Ombudsman on 23/08/22 the bank replied that correction would be done within seven days. I also registered my issue in MY GRIEVANCE Portal on 12 SEP '22 but no further response is received and the mistake is still there. Sir, kindly advise me what shall I do now?

Ans: I understand you would have complied with verification requirement within prescribed time limit of 120 days.

With reference to wrong amount appearing in 26AS, as you have already taken appropriate steps, you can wait for 26AS updation.

If any tax demand is raised before 26AS updation, you have to contact CPC department of Income Tax. Through telephonic talk you have to explain the issue and request them to transfer your ITR to jurisdictional assessing officer (AO) so demand is deleted.

Once ITR is transferred to AO, you can explain to issue to AO, file copy of your communications/grievances.

You can request AO to look into issue and communicate with TDS deductor who has wrongly reported.

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