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Tax Refund

Tax refund<>I Am Waiting for My Refunds for more than 4 Years and have lost hope to get the same. We are being told to pay taxes on time and then wait endlessly for our hard earned money….. <> -   Get All Refunds Issues Sorted out here !

The most frustrating bottleneck for income tax payers seems to be the delay in getting the refund money back. After you have filed your Income Tax Return, you may have to wait for months, and sometime for years, to get back the refund amount. What’s more painful is that , you do not get to know why this delay is taking place!  Here are some staple reasons why you are yet to receive the tax refund:

  • Incorrect entry of PAN number
  • Change of address without proper intimation to the tax department
  • Wrong bank account provided in the tax return
  • Inconsistency in TDS credit with reference to 26AS (Tax Credit Status)
  • Delayed tax return filing or non-filing

Taxmantra have the core expertise in handling individual taxation issues including getting tax refunds from IT Dept.  Tax Experts of Taxmantra will follow up with IT Dept to get your valid tax refunds in most hassle free manner.

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FAQ On ‘Tax Refunds’

Can Income-tax refund be directly credited to the bank account?

By providing the bank account number along with the MICR code of the bank branch in your income tax return one can get the refund directly deposited in their bank account and will not have to wait for the cheque and deposit the same in the bank account. MICR code can be known either from the bank branch or from the cheque book (if the bank branch maintains any such code).

Is filling of I.T Return mandatory to claim refund?

Filling of I.T Return on time is prerequisite to claim refund. Even if the income is below taxable limit, but tax has been deducted at source, in such a case one must file I.T Return making claim for refund of TDS.

How interest on late tax refund is calculated?

As per section 244A, the taxpayer is entitled to receive interest where any refund arises due to any excess payment of tax. If refund is out of any advance tax or tax deducted or tax collected at source, the interest is receivable @ 0.5 per cent per month from the first day of the assessment year to the date of grant of refund, provided the excess payment is more than 10 per cent of tax determined under section 143(1) or on regular assessment.

Where refund is of tax other than advance tax or tax deducted or collected at source, interest is receivable @ 0.5 per cent per month from the date of payment of such tax or penalty up to date on which the refund is granted.

What are the general procedures of claiming refund?

Claim of refund should be made in Form 30, within 1 year from the end of the assessment year to which such claim relates.  The following steps should be taken to claim I.T refunds:

•    File your return of income – First and foremost requirement for claiming refunds is to file your return of income/ tax returns on time, submitting all the relevant details;
•    Check Online tax credit (Form 26AS) – Check the tax credit status online before filing of return. This helps in quick processing of tax returns and refunds;
•    Bank details and address- Proper details of the bank account, like details such as MICR code, bank account number for prompt refund and also proper address.

If an individual do not receive tax refund on time, what steps should be taken?

An individual can either visit the tax department’s office for the follow up of the refund or can write a letter to the concerned Income Tax Assessing Officer.  If it is still not redressed then a letter can be written to the jurisdictional Chief Commissioner of the Income Tax with a copy to the Grievance Cell and to the concerned Income Tax Officer. This letter may be accompanied by the copies of previous letter/s written to the Income Tax Assessing Officer and a copy of the tax return filed.

What else i can do to get refunds in more hassle free way ?

You can look to do following to make your refund hassle free -

  • Rectify your tax returns if filed erroneously with suitable amendments
  • Apply for a revalidated cheque if the one you have received has gone beyond its expiry date.
  • For any changes made to your address or bank account, it is your prerogative to inform the tax department.

These steps will resolve these hassles for you before they crop up.

If the tax is borne by the employer and the assessee receives tax free income, can he claim refund of tax paid by the employer?

When a salary is paid tax free ,the amount of tax should be added to the net sum payable and it is the gross amount that should be included in the total income of the employee. The employee will be entitle to claim a refund on the said tax included in his income.

Can the Assessing Officer(A.O) set-off the refund due against the tax payable?

It has been provided u/s 245 that A.O. or any other income-tax officer may, in lieu of payment of the refunds, set-off the amount to be refunded against the sum payable under the I.T. Act, after giving written intimation to the assessee. It is to be noted that a written intimation to the assessee about the proposed set-off must be strictly followed.

What is the time limit for making an application for refund?

As per Section 239(2), an assessee should make a claim for refund within 1 year from the end of the assessment year. The A.O. has no power to extend this period of limitation.

Is employer entitled to interest on refund?

As per section 244A, the assessee is entitled to interest @ 0.5% per month or part of the month from the 1st day of the assessment year to the date on which refund is granted.

Whether full interest will be allowed, if an assessee files the return after the due date of filing of return?

As per Section 244A, if the process of refunding gets delayed due to reasons attributable to the assessee then no benefit of interest will be provided for such period. Therefore if return is not filed within the due date then interest will be calculated as under:

    • From 1st April of the assessment year to the due date for filing return and
    • From the month of filing the return to the date of issue of refund voucher.

Moreover no interest is allowed on belated refund claims.

What will be the remedy available to the assessee if the A.O. does not grant interest on refund?

If interest is not granted to the assessee then in such a case he may apply for rectification u/s 154 of the I.T. Act. The assessee may also apply for the revision of the same before the CIT u/s 264. In extreme cases, a writ petition can also be filed.

Taxmantra have the core expertise in handling individual taxation issues including getting tax refunds from IT Dept.  Tax Experts of Taxmantra will follow up with IT Dept to get your valid tax refunds in most hassle free manner.



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