POSTED BY July 18, 2012 8:49 pm COMMENTS (5)ON
I was working as a salaried professional till May 2010 and filed my 2011-2012 returns last year in time.
There was a entry from PF department in my tax credit statement of above 1Lakh rupees with corresponding tax paid to IT department in 11/2010. Since I had received no such amount, I tried to trace the money with LIC/PF but there was no record found. The concerned department mentioned they will correct the error. Assuming it was an error, I filed the IT return for 2011 without including the said entry either in my income or tax credit details. The entry was later corrected by a reverse entry in 09/2011.
I am no longer working and only income is interest. I had forgot about the entry in my 26AS last year but now seen that a reentry has been done in 10/2011 of the same amount and showing in my 26AS again for last year,without any reverse entry. This was one month after the original correction and 3 months after the IT return filing in July 2011
I am not sure how to file this year return. I was owing some amount due from PF in 2010-2011 but not sure about the actual amount. I am below the minimum tax slab for both last year and current. Is there anyway I can declare the entry in this year tax return and seek refund at least of the tax paid ? Or will I need to revise the last ITR and send it again…
Do note that I have not received the actual money from PF body yet and think it may be difficult to trace given that concerned department washed it hands off cleanly last time. I am more of the opinion that its a scam and my money be already sitting into somebody else bank account who has encashed it
Please advise advantages/disadvantages of the approaches and best way forward as per you…
Detailed and urgent response appreciated. I also now understand that I am not liable to pay any IT at all because I was with the company for more than 10 years.. so really interested to file this year return correctly and get the tax refund also for last year.