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Procedure to claim heavy income tax paid to the bank
27-Jul-2023 (In Tax Law)
Hello Sir, i have booked FCNR FD in india in indusindbank in 2013 and it is matured in 2018. as per indian taxation rule, intrest earned on FCNR FD is non - taxabe income but by mistake CA considered it as local income and paid taxes on that Intrest for last 4 year. now what is the process and timeline to claim this nontaxable intrest tax paid? is it called revised return or amendmend or tax refund ? is there any deadline reagrding this. Kindly Advise. Thanking you in advacne. Thanks
Dear Sir,
Sorry for my late reply. I need a lot of clarifications. 1. The Country you stay. 2. The basis on which the interest was deposited; yearly or once for all. When it comes to timeline, returns can be filed only for 2 years. Hence, when it comes to returns, it is only 2 years.
Now, there are two ways. 1. To file returns for years 15-16 and 16-17 as no returns beyond that are accepted. 2. To go to IT Office and file an application.
Sorry for my late reply. I need a lot of clarifications. 1. The Country you stay. 2. The basis on which the interest was deposited; yearly or once for all. When it comes to timeline, returns can be filed only for 2 years. Hence, when it comes to returns, it is only 2 years.
Now, there are two ways. 1. To file returns for years 15-16 and 16-17 as no returns beyond that are accepted. 2. To go to IT Office and file an application.
Helpful?
Adv. Nachiketh Konapur
Bangalore | 25+ Answers
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