Friday, 2 May 2014

How to get Income Tax Refund in India

Every citizen of India is liable to has to pay income tax depending on the tax wedge in which he or she comes under. It is mandatory to pay income tax within the prescribed time. This is the right of the Government and one should not violate the laws so as to abstain from paying such amount. In certain cases, the Government deducts more amount of tax as compared to the actual amount that has to be paid. In this case, filing an Income tax return where subsequent to appropriate investigation the surplus amount of tax is refunded or credited to the account of the tax payer. Taxpaisa has special tutorial on ways to earn tax free income

Impediments in income tax refunds are faced by several taxpayers even subsequent to the predetermined number of months. Over and over again people run to the income tax office to deal with boorish income tax officials to become a significant part of the ordeal. In such cases, the tax payers actually feel helpless with completely no way out. To concentrate on such kind of issues, the Government needs to arrange for tax ombudsman in different cities, to deal with the grievances and to offer tax payers a stand to bring forth their issues.

Pre-Requirements for Income Tax Refund Procedure

The income tax refund procedure in India is truly a demanding task, but there are few important steps to simplify the procedure. Filing income tax return on a stipulated time period is a vital requirement for asserting a Tax Return.
Guidelines for Claiming Income Tax Return
Claiming I.T. Return by a tax payer is explained in few simple steps:
  • To begin with,verify the Income tax Return slip so as to see whether it is revealing the tax refund appropriately
  • If the Tax return reveals Tax refund, then filing the return becomes mandatory. The IT department is responsible to send the refund through post (cheque) or credit it to the bank account.
  • The refund order must be acquired within 12 months since the ending of the financial year during which the Income Tax returns have been filed
  • If the refund is not received, then it is necessary to submit an application for Income Tax Refund by means of regd. ad post as per annexure A. together with its attachments
  • After that also, if there is no reply within 30 days, then RTI weapon must be used
  • Filing an RTI application according to annexure B is essential. In such case, Rs.10/- must be paid in the Accounts Officer name, Income Tax Department and Government of India together with the RTI application. It can be attached as an IPO. Do not forget to attach a copy of annexure A as well as its enclosures.
  • If no step is taken within a predetermined time i.e. 35-40 days of sending an RTI application, filing the first appeal become mandatory
  • In the next 35-40 days, the second and the final appeal must be filed to the Central Information Commission in New Delhi.
  • Make sure to keep all the photocopy of these papers sent to the I.T. Department for future reference
  • Keep in mind that the I.T. Assessing Officer is actually the Central Public Information Officer
  • It is also simple to get the refund routed by filing the I.T. return online
  • To get the refund=d credited to the account, the appropriate bank details are required such as MICR Code, account number and the suitable address
  • Always opt for direct credit to the account as it tend to get delay via post
  • Lastly, the tax payer may refer the subject matter to the Income Tax Ombudsman
Issues Dealt by the Income Tax Ombudsman
Ombudsman, an independent body started by the Government comprises of Income Tax official or officials of the Indian Revenue Service. Such officers are empowered to settle down complaints and take the matter to the topmost authority in order to resolve it as soon as possible. They work as an independent arbitrator under the control of the I.T. Department. Issues handled by an ombudsman are as follows:
  • Delays and discrepancies in Income tax refund status
  • Rude behavior of the tax officers
  • Convulsion of accounts books by the department
  • Certain administrative issues that have been sullied
  • Issues in relation to allocation of PAN ( Permanent Account Number )
  • Matters relating to tax deducted at source
The ombudsman, on the other hand, will not assist if the problem is being glanced at as a petition, revision, allusion or summons by the I.T. authority or tribunal or may be court.

Rules to be Followed for Income Tax Refund Process

This is how to get income tax refund in India. The money transactions related to Income Tax are actually taken care by the State Bank of India. If in case income tax return has been filed then the Income Tax Refund Status can be checked in various ways. The easiest and simplest way is verify the status online where PAN number ought to be given and the assessment year must be selected. Immediately your Income Tax Refund Status will be demonstrated with the tax amount. Another way out is to call on toll free number to verify your status. Hence, keeping a track of I.T. refund status is not at all a demanding task these days. It is just a phone call away. Call on the toll free number 18004259760 to know about the status. Try it once; it is very simple as it sounds.

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