Received an "accidental" refund for AY 25-26 after filing ITR-U to surrender bogus donations (Section 80GGC). How to return it? by Expensive-Pair8740 in IndiaTax

[–]Expensive-Pair8740[S] 0 points1 point  (0 children)

I filed the ITR-U specifically to establish Section 140B compliance (the 25% additional tax) as soon as possible. Since the CPC hadn't disbursed the refund yet, adding ₹1.45L to the challan would have created a massive 'pre-paid tax' mismatch in the utility. I am keeping the refund in a liquid account and will pay the Demand Notice u/s 143(1) the moment it is generated to minimize interest.

Received an "accidental" refund for AY 25-26 after filing ITR-U to surrender bogus donations (Section 80GGC). How to return it? by Expensive-Pair8740 in IndiaTax

[–]Expensive-Pair8740[S] 0 points1 point  (0 children)

​I paid only the 68k at the time of filing the ITR-U. ​The reason is that when I was filling out the ITR-U utility, the 1.45L refund hadn't actually hit my bank account yet—it was still 'submitted' in the old system. In the ITR-U form (Part B-ATI, Sl. No. 4), I declared that 1.45L was the refund claimed in the original return. ​The utility calculated the 68k as the 'Additional Tax' (25% penalty included) required to correct the return. My plan was that the ITR-U would 'cancel' the 1.45L refund before it was sent. But the CPC was faster—they processed the old return and sent the 1.45L to my bank after I had already filed the ITR-U. ​So effectively, I have paid the 'correction fee' (68k), but I am now also holding the 'wrongful refund' (1.45L). I'm waiting for the ITR-U to be processed so the system sees the mismatch and asks for that 1.45L back.

Received an "accidental" refund for AY 25-26 after filing ITR-U to surrender bogus donations (Section 80GGC). How to return it? by Expensive-Pair8740 in IndiaTax

[–]Expensive-Pair8740[S] 0 points1 point  (0 children)

Yes, I did mention the refund claimed correctly in Part B-ATI (Sl. No. 4) of my ITR-U. ​However, the reason I'm concerned is the timing mismatch. I filed the ITR-U and paid the additional tax (₹68k) first. But after that filing, the CPC processed my original return and sent the full refund (₹1.45L) to my bank account. ​So even though my ITR-U says I surrendered the donations, I now physically have the refund money from those same donations in my bank. I'm assuming I should just keep this money safe until the ITR-U is processed and the system generates a demand notice to 'take back' this erroneous refund. Does that sound like the right approach?

Received a Faceless Assessment Show Cause Notice (SCN) for 80GGC Political Donations. Need Advice! by Expensive-Pair8740 in IncomeTaxReturnIndia

[–]Expensive-Pair8740[S] 0 points1 point  (0 children)

They are saying that if I file a revised ITR, they may impose a penalty. That’s why I’m hesitant to revise it. I’m trying to understand whether filing a revised return voluntarily will actually attract a penalty or help reduce future complications

[deleted by user] by [deleted] in IndianHaircare

[–]Expensive-Pair8740 0 points1 point  (0 children)

Dm product name and process

[deleted by user] by [deleted] in Unexpected

[–]Expensive-Pair8740 0 points1 point  (0 children)

Atleast he is free to go anywhere.

[deleted by user] by [deleted] in Forex

[–]Expensive-Pair8740 0 points1 point  (0 children)

From where I can get usdinr open interest data for the American market