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‘A TDS refund is only possible by way of…’

Mihir Tanna, Associate Director, S K Patodia & Associates (external link), a chartered accountants firm that offers consultancy, audit and tax services, answers your queries.

PRANAB GHOSE: I have filed tax returns to a bank account, which did not get verified due to some KYC/technical issues. Can I anyhow change/update another account for the same, even after submission previously! 

Mihir Tanna: Yes, in case validation is failed, re-validation can be done by log in to the e-Filing portal.

Under My Profile page from the Dashboard you will find option of “My Bank Account” wherein Added, Failed and Removed Bank Accounts will be displayed.

You can Pre-Validate a Bank Account in which you want refund. Once validation is successful, Taxpayer can nominate the bank account for refund.

 

Rajagopalan Subramanian: During FY 2021-22, I had been deducted some amount by way of TDS by IOB. I had submitted ITR e-filing, but my auditor has not shown the TDS amount for refund, since I was not issued Form 16 by IOB till date, even after representation.

My ITR was accepted by AO, as the amount involved is less than Rs 5 lakh. I am not expecting the Form 16 till this year end, viz, 31.12.2022 and no mention is made in AS26.

In case, if I am issued Form 16 after 1.1.2023, can I file revised return, and claim refund of TDS after 1.1.2023. Kindly advise me. 

Mihir Tanna: A refund of TDS is possible only by way of filing an Income Tax Return within the specified due date. 

In case of substantial amount of refund, it is advisable to put efforts in filing condonation application with jurisdictional Commissioner of Income Tax who can allow you to file revise return if reason for non-filing of correct income tax return is reasonable/genuine and you can claim TDS credit.

 

Kumar R S: Please advise how do I file my returns for the year 21-22, I could file it since I had no income expect withdrawal of PF amount (amount withdrawn). My tenure in the organisation was April 2011 to July 2015 and withdrew the money in 2020 Nov. Since I was not employed during COVID 19 and support myself and family. Appreciate your support.

Mihir Tanna: In case total income exceeds minimum exemption limit, person is required to file income tax return.

However, there is exception to above — if case is covered by any of the specified conditions like spending more than 2 lakh on foreign traveling, aggregate electricity bill payment of more than 1 lakh, TDS of more than Rs 25,000 is deducted (for senior citizen limit is Rs 50,000), amount of more than 1 crore is deposited in current account etc.

In given case, I understand that tax was not withheld on withdrawal of PF as prescribed conditions were fulfilled and amount received is not taxable.

Further, if you are not falling in any of the exceptional cases mentioned above, there is no requirement to file income tax return.

Read more of Mihir Tanna’s responses here.

Please mail your queries at [email protected] with the subject line ‘Ask Mihir’.

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