Income Tax Refund

The Income Tax department will aim to issue faster and accurate refunds this financial year and introduce new taxpayer friendly services. In her maiden interaction with the top IT brass, newly-appointed CBDT Chairperson Poonam Kishore Saxena has asked officials to ensure timely refunds and hassle-free services for taxpayers which are the major areas of grievance for a common man. Full Article

Kind reference is invited to the above, wherein the assessing officers have been instructed to verify and reconcile the demands where such demand or adjustment thereof by CPC is disputed by the taxpayer. They have also been advised to upload amended figure of arrear demand on the Financial Accounting System (FAS) portal of Centralized Processing Center (CPC), Bengaluru wherever there is balance outstanding arrear demand still remaining after aforesaid correction/ reconci.. Full Article

[r 1] In this Article we have dealt with Question related to income Tax Refund i.e. 1) Necessary data necessities required in order to get the Refund through Cheque 2) Basic data required all the validations to get the Refund through ECS? 3) What should I do, if my Refund is failed due to change in my Communication Address? 4) Within how many days I will get my refund after updating the new address in the E-Portal? 5) What should I do, if my Refund is failed due to e.. Full Article

What should I do, if my Refund is failed due to change in my Communication Address? For the change in Address and all address related issues. Taxpayer has to Login to http://incometaxindiaefiling.gov.in. a. Login to the above website, where in the login id will be the PAN Number and Password is which is created when logging in for the first time. b. Now go to My account tab and select ( 143/1 , Refund Re-issue, 154 ). Full Article

It is important to know some of the reasons that may have caused the delay in Income Tax Refund. If your bank account details or your PAN number is entered incorrectly in the form or you end up filing your tax in the wrong ward/circle, then the chances for delay are high.Tax authorities have especially been known to cause delays in cases where the amount to be refunded exceeds Rs 5 lakh, citing additional approvals as the reason. Delay could also be caused if litigation .. Full Article

Unfortunately in our country, many honest tax-payers have pending income tax refunds. Whether it's the Income Tax (I-T) department's lethargy or the growing number of tax payers, delayed refunds remain high on the list of complaints against the department. One of the challenges for any tax payer is getting a refund, because it is a lengthy and time-consuming process. Full Article

An internal probe by the Income Tax department, to detect the occurrence of a spate of refund frauds, has found that swindlers have hacked into the user-ids of retired officials and unclaimed suspense refunds were generated to siphon off the taxpayers hard-earned money. Full Article

COMMON ERRORS NOTICED WHILE FILING OR UPLOADING THE RECTIFICATION XML/FILE IN WEBSITE (Submit your rectification request screen) LEADING FAILURE TO UPLOAD OF RECTIFICATION REQUEST. • Assessees don’t write the communication reference number of the CPC order which is sought to be rectified, in the specified format in online rectification screen(Submit your rectification request screen) while applying for online rectification. Full Article

Step 1: Make sure you have received an intimation under section 143 (1) from CPC Bangalore for the E-returns filed by you for AY 2009-10 or later. Step 2: Carefully examine the intimation to see if the computation by CPC is correct even if different from what was expected by you. It may be that you may have computed tax liability or interest incorrectly. Take the help by using departmental excel utility available in e-filing website. Full Article

1. You can pay taxes from any location at any time through your net-banking account. 2. Instant transfer of funds from your account. 3. What you write on the e-challan will be directly sent to Income Tax Department. Banks will not do any data entry. Full Article