Senior citizen wrongly paid tax on Rs 25.42L interest; ITAT orders Rs 9.91L refund
Each year, the senior citizen reported the interest earned from his investments in tax-free bonds under the ‘exempt income’ category in his income tax return (ITR). But made a mistake in one year. The man realised the error only after the deadline for filing a revised ITR had passed. He therefore approached the jurisdictional assessing officer...
Key Takeaways
- Each year, the senior citizen reported the interest earned from his investments in tax-free bonds under the ‘exempt income’ category in his income tax return (ITR).
- But made a mistake in one year.
- The man realised the error only after the deadline for filing a revised ITR had passed.
Each year, the senior citizen reported the interest earned from his investments in tax-free bonds under the ‘exempt income’ category in his income tax return (ITR). But made a mistake in one year. The man realised the error only after the deadline for filing a revised ITR had passed. He therefore approached the jurisdictional assessing officer (JAO) and filed a rectification application.
Original Publisher Attribution
This summary was curated from Times of India.