cateremos
Ion the statement of preafit and loss A/c interest
on Income tax Refunded well be considerad_______
Answers
Answer:
1. Process to claim income tax refund
There is no separate procedure as such in order to claim an income tax refund due to you. You can claim tax refund by simply filing the return of income in the usual manner. Ensure your return is electronically verified through aadhar number otp, EVC generated through bank account or physically verified by posting the signed ITR-V (acknowledgement) to Centralised Processing Centre (CPC) within 120 days of filing the return.
2. Early processing of return leads to early refund receipt
No doubt, a taxpayer has a time limit of 120 days from the date of return filing to verify his return. The earlier you get the verification done, the earlier CPC will process your return. Once the returns are processed by CPC at primary level for arithmetical errors etc, refund will be issued to the taxpayer. If verification of return itself is delayed, processing of return and issue of refund too will be delayed. Further, e-verification is faster compared to physical verification.
3. What to do if refund is not processed at CPC
Many a time, it is possible that your return may not have been completely processed by CPC for some reason and no refund is issued to you. Please note that taxpayer’s records, for every assessment year, are transferred to jurisdictional assessing officer by CPC after a particular time period. An intimation will be sent to the taxpayer informing the same. Once files are transferred to assessing officer, one can follow up for refund by submitting a letter in this regard to the jurisdictional assessing officer and follow up personally at regular intervals.
4. Interest on income tax refund
You might have noticed in many cases that the refund amount received by you is slightly higher than the refund amount claimed in your income tax return. This difference represents interest on income tax refund. This is payable by income tax department mandatorily, if the refund is 10% or more of tax paid.
Section 244A deals with interest on income tax refund and provides for interest at the rate of 0.5% per month or part of the month on refund amount. Such interest shall be calculated from April 1st of assessment year till the date of grant of refund if refund is due to excess advance tax paid or TDS. In case of any discrepancy in the interest computation, you may raise an online request for rectification of the same by log in to your account.