TDS and Tax Refund?

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What is a Tax Refund?

 

When the tax liability or the amount of tax to be paid is less than the amount of taxes paid by the individual.

For salaried individuals, it is possible that that the company deducted excess tax because you did not declare any of your investments to the company. In such a case, a tax refund may be helpful.

 

How do I get the tax refund?

  • Check your Income Tax Return, if it will show tax Refund (if any).
  • If yes then you don’t need to apply for it.
  • The income tax department will send it you by post to the address which you have mention on Income Tax Return.
  • Tax refund can also be debited directly to your bank account which needs to be mentioned on the tax return. (It is mandatory to mention Bank Account No., Micro Code of Bank,) otherwise you will not get your refund.

In a situation where you think that you forgot (to mention bank account no., MICR code of bank) or did not have the proper documents to show the investments made, a Revised Return of Income needs to be submitted.

 

When can I claim for a tax refund?

Tax refund needs to be claimed with one year of the last day of assessment year.

 

What to do if I do not receive the tax refund?

If you do not receive your tax refund within a reasonable time (may vary from case to case) which normally is within a maximum of one year from the date of filing the tax return,

 

Check your Income Tax Refund

  • You can either visit the tax department’s office for the follow up of the refund.
  • You can write a letter (along with the copy of acknowledgement of the tax return) to the concerned Income Tax Assessing Officer.
  • If it is still having problem you may write a letter to the jurisdictional Chief Commissioner of the Income Tax with a copy to the Grievance Cell and 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.

 

Individual taxpayers can now track the status of their INCOME TAX REFUND ONLINE.

 

To check the status of their refund, taxpayers can log in at https://tin.tin.nsdl.com/oltas/refundstatuslogin.html  If there is a problem, they can contact the assessing officer or the refund banker, the State Bank of India.

 

In case of any grievance, taxpayers can also contact the additional commissioner in charge of the range or the income tax ombudsman.

 

This facility is not for companies and trusts.

 

For faster processing of refunds, details of bank account like the bank, branch and MICR code (a nine-digit number on the bottom of the bank cheque) should be clearly mentioned in the tax return form.

 

Under the refund banker scheme, the refund amount will be either transferred electronically to the bank account of the taxpayer or be sent by way of a cheque delivered by courier.

 

The Income Tax Department plans to substantially reduce the return processing time, which is at present at least four months.

 

The department plans to set up six large central return processing centers in different parts of the country. All the returns captured in digital format will be processed at these centers.

 

The central return processing scheme was announced in the Budget 2008-09.

 

The refund banker scheme has commenced from 24th Jan 2007. It is now operational for taxpayers assessed in Delhi in salary charges i.e. CIT XIV, XV,XVI and one business charge i.e. CIT IX. It is also operational in Patna for CIT I, II and Central. From September 30, 2007 it has been extended in few other stations i.e. Bangalore, Chennai, Delhi, Kolkata, Mumbai (except for company and exemption refunds).

 

In the refund banker scheme all Income tax Returns will be processed by Assessing officers. ITOs, Asst. Deputy Commissioners, Commissioners. The refunds (by ECS or paper cheques)will be sent by CMP branch of SBI.

 

Taxpayers will get status of refund 10 days after the refund has been sent by their Assessing Officer for refund banker. Status will be available only for those taxpayers whose refunds are to go through refund banker scheme.

 

........  CHECK REFUND STATUS ONLINE ........

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