Income Tax Department Will Process Revised ITR Even If Refund Has Been Issued On Original Return

My income tax return (ITR) has already been processed, and I have received a refund as claimed in the original return. What would happen in case of filing a revision of the IT return and the refund amount is not what was initially warranted?

Answer: If you file a revised ITR after your original ITR has been processed and refund has also been issued, your revised ITR will also be processed and demand will be raised in case excess refund has been issued to you over the tax liability as per the revised ITR.

You can either pay the demand raised by you online or through an advance or self- assessment tax. This payment is to be treated as regular tax.

I have opened a Public Provident Fund (PPF) account with a monthly deposit of Rs. 5,000. What are the rules for premature withdrawal?

Answer: You can take a loan after completion of one financial year but before completion of five financial years from the opening of the PPF account. The amount of loan is restricted to 25 per cent of the balance outstanding at the end of two financial years before the year in which the loan application is made.

You can withdraw from your PPF account after completion of five financial years. The amount of withdrawal allowed is restricted to lower of balance available on March 31 of the preceding year or at the end of four years prior to the year in which the application for withdrawal is made.

I have opened a Public Provident Fund (PPF) account with a monthly deposit of Rs. 5,000. What are the rules for premature withdrawal?

Answer: You can take a loan after completion of one financial year but before completion of five financial years from the opening of the PPF account. The amount of loan is restricted to 25 per cent of the balance outstanding at the end of two financial years before the year in which the loan application is made.

You can withdraw from your PPF account after completion of five financial years. The amount of withdrawal allowed is restricted to lower of balance available on March 31 of the preceding year or at the end of four years prior to the year in which the application for withdrawal is made.

The author is a tax and investment expert

(Disclaimer: Views expressed are the author’s own, and Outlook Money does not necessarily subscribe to them. Outlook Money shall not be responsible for any damage caused to any person/organisation directly or indirectly.)