While filing the income tax return (ITR) for AY 2022-23, my son wrongly mentioned deduction of TDS by bank for the year 2020 instead of 2021 while seeking a refund of ₹27,873. Thereafter, my son filed a revised ITR u/s 139(5) and received this refund. However, the income tax website now shows the following:
1)Refund of ₹18,845 awaited.
2)On the intimation u/s143(1) for revised return, the income tax department has mentioned a refund of ₹27,873 (which he got in his account). At the end of the ITR, it is showing amounts of ₹19,036 and ₹27,873, respectively.
Separately, the NSDL website is mentioning TDS on interest.
What does all this mean and what should my son do?
—Name withheld on request
Based on the information provided, it is understood that your son has received the income tax refund of ₹27,873 after filing the revised return of income for AY 2022-23.
Considering that the refund amount, as determined in the intimation issued under section 143(1) of the Income-tax Act, 1961 is already duly received, no action should currently be required from your son’s end.
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In the absence of access to the intimation issued by the tax authorities, it is not possible to comment on the numbers appearing in the said intimation or the refund awaited details appearing on your income tax portal. However, in case your son has received any interest on the tax refund from the tax authorities, he should include this income while filing the tax return for FY 2022-23.
He may reconcile the amount of TDS deducted by the tax authorities on this interest, through his Form 26AS, AIS and TIS (which can be downloaded from the income tax website) for FY 2022-23 and claim such TDS credit while filing his tax return for the said FY.
Parizad Sirwalla is partner and head, global mobility services tax, KPMG in India.