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Query asked by Bhavana Surana on December 16, 2020

Re: Refund in ITR issue

As per ITR i am suppose to get refund. but it got adjusted in the demand tax as per computation in the order u/s 143(3).
Now while filing VSV form, my disputed tax will be tax before interest less the original self assessment tax.
how should i treat the refund adjustment done by the department in the order.
Should i reduce the disputed tax to an extend of refund adjusted or is there any other treatment?
because the form 1 asks details about tax on disputed income , which is the tax before interest and after cess, less the original self assessment tax paid.
please help me as soon as possible because assessing officer has asked me to file the form in a day

Yes, under VSVA, interest amount is waived, any amount paid would be set off against disputed tax amount. Therefore, the refund amount which has been adjusted against the order under section 143(3) of the Act has to be given effect against the disputed tax amount. Yes, under VSVA, interest amount is waived, any amount paid would be set off against disputed tax amount. Therefore, the refund amount which has been adjusted against the order under section 143(3) of the Act has to be given effect against the disputed tax amount.  


 

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