PERSONAL TAX: Submit online response in case of discrepancy in ITR

I am a salaried employee and had filled ITR-1 for AY18-19. As shown in 26AS, there were details of TCS of 10,900 on account of purchase of car worth more than Rs 10 lakh. Hence, while filing the ITR online there was refund of Rs 10,900. Now, in the recently received intimation u/s 143(1), this refund of TCS is not reflected. Am I not eligible for this refund? How to file for rectification? - Ashwani Sahu

Once the income-tax return (ITR) is filed by the taxpayer, it gets processed through the computer-based system to identify and correct any arithmetical mistakes and internal inconsistencies therein. During such processing, the income or loss declared by the taxpayer in the ITR may increase or decrease which consequently may result in variance in the tax payment/ refund. In case of discrepancy between intimation and ITR, the intimation should be analysed first to identify the reason of reduction in the refund, which may be genuine or an error and accordingly, response can be submitted online on the e-filling portal of the income-tax department. It is advisable to seek help of a tax consultant to analyse the intimation and take the resultant actions.

If I take a loan from my older brother as education loan and repay will there be any tax implication? It is not a gift and I will repay it. But he will not charge any-interest on the loan. - Adarsh Muralidharan

Loan from a brother without consideration (that is, interest) shall not have any tax implications, even if it is not a gift and you plan to repay the same. However, you shall not be eligible to claim the tax deduction available at the time of repayment of education loan under section 80E.

The writer is partner, Nangia Advisors LLP

Clear your doubts with regard to personal tax.  Send your queries to personalfinance@dnaindia.net