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Can A.O adjust refund of one year with demand of another year?

June 30, 2010 By taxworry Leave a Comment

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Excerpt: It just happens so often that tax demand is raised on account of processing u/s 143(1) or scrutiny order u/s 143(3)  of  the Income Tax Act. You are convinced that the demand raised by the income tax department is wrong or bogus for any reason and has filed either 154 petition or made an appeal to authorities.Suddenly , you see that refund of earlier year or subsequent year is adjusted without your knowledge. Can A.o do that? Section 245 of the I T Act empowers him to adjust refund with demand .  While he has power to adjust the refund of earlier year or subsequent year…

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Filed Under: Refunds Tagged With: chief commissioner, Department, illegal action, Income, income tax act, person, reason, relevant section, Section, section 245

Quote TDS return filing number to get refund !

June 3, 2010 By taxworry Leave a Comment

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Excerpt: One more steps for claiming refund from income tax department  ! Be careful to fill out the return of income and if you want refund of tax deducted .Now CBDT has come out with a new rule that a taxpayer will have to quote the receipt number of the TDS return filed by the deductor in order to get the refund . PRESS RELEASE The Central Board of Direct Taxes (CBDT) have amended the Rules relating to TDS provisions date and mode of payment of tax deducted at source (TDS), TDS certificate and filing of ‘statement of TDS’ (TDS return) vide Notification…

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Filed Under: A NEWS u can USE, Refunds, TDS Tagged With: CBDT, deductor, direct taxes, income tax return, number, receipt number, Return, tax, tax deducted at source, TDS

How to view details of received refunds in Annual tax Statement ?

May 25, 2010 By taxworry 1 Comment

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Excerpt: It is already posted How To View or Verify TDS or TCS or Tax Paid By You Online At One Place ?NSDL now provides another important information about your refunds. If you have registered to view Form 26AS online can view details of paid refund in their Form 26AS from F.Y. 2009-10 (A.Y. 2010-11) onwards. Refunds received during the selected A.Y. will be displayed in Form 26AS. For instance, refunds pertaining to A.Y. 2005-06 which are received in F.Y. 2009-10 (A.Y. 2010-11) will be displayed in Form 26AS for F.Y. 2009-10 (A.Y. 2010-11). The following details related to refund will…

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Filed Under: Refunds Tagged With: A.Y, F.Y, Form, important information, nsdl, online, payment, refund, TCS, TDS, Verify TDS, View

How to rectify any mistakes in the name, assessment year, PAN, account number printed on the refund cheque delivered to me?

May 16, 2010 By taxworry Leave a Comment

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Excerpt: You already know how to check status of tax  refund online and  what should  be done in case you did not receive the refund , but status online is shown as paid. Now , it may just happen that you have opted for refund banker scheme in your return and you have received the refund cheque from SBI. However, you find that the refund cheque contains error in name or assessment year, or PAN or account number. If that be so, the NSDL site tells following solution In case of any mistakes on the refund cheque delivered to you, the following should…

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How to check income tax refund status online ?

May 16, 2010 By taxworry 1 Comment

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Excerpt: The ‘Refund Banker Scheme,’ which commenced from 24th Jan 2007, is now operational for Non-corporate taxpayers assessed in Delhi, Mumbai, Kolkata, Chennai, Bangalore, Bhubaneswar, Ahmedabad, Hyderabad, Pune, Patna, Cochin, Trivandrum, Chandigarh, Allahabad, and Kanpur.In the ‘Refund Banker Scheme’ the refunds generated on processing of Income tax Returns by the Assessing officers/ CPC-Bangalore are transmitted to State Bank of India, CMP branch, Mumbai (Refund Banker) on the next day of processing for further distribution to taxpayers. Step 1 : Keep your PAN ready. Step 2 : click this link , you will be taken to screen of NSDL where you will have to…

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Filing of return is only way to get Refund of TDS deducted on FDR

April 29, 2010 By taxworry Leave a Comment

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Excerpt: I have already made posting about how to prevent tds on interest income. . However , Sri J.B. Verma has asked  “TDS has been deducted by my bank on the interest on FDRs though I have no taxable income & PAN No.. What should I do to get refund from Income Tax Deptt. ? The only solution of his problem is ,filing of return and claiming credit for tax deducted by bank  is only one way to get refund from income tax department. If the period for which interest income pertains to is FY 2009-10, you download  Income Tax Return Form…

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Filed Under: A of Your Question, Refunds Tagged With: 15g&15H, Bank, exemption limit, fdrs, gross interest, Income, income tax return, income tax return form, interest, Read, refund, Sri J.B. Verma, tax, TDS on Interest

Can One Get Refund Without Filing Return of Income?

March 26, 2010 By taxworry

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Excerpt: I am a student at IIT Madras. For the financial year 2009-10, I earned Rs1.5 lakhs by doing part time job for 2 companies. Both these companies deducted TDS from each months salary. Firstly I would like to know since I do not fall under a tax bracket, was it necessary to file for any taxes in March to be eligible for returns? I would like to know what can be done with this TDS I have already paid but I am not liable to. If returns are filed then what is the procedure since there are 2 companies involved….

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Filed Under: Refunds Tagged With: Chennai, cheque book, doing part time, Income, income tax return, Madras, part time job, refund, Return, tax, tax deducted at source, TDS

What Should be Done In Case You Receive Refund Less Than Claimed?

January 18, 2010 By taxworry Leave a Comment

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Excerpt: I am an NRI from US. My only income in India is from House Property. My father is 75 years.; has filed my IT Return as Representative Assessee.He is not well. For AY 2008-09:-. i. Income House Property: 1 Apr 2007 to 31 Mar 2008. Rs 2,20,000/- 2. Tax (House tax) Rs 10010/ 3. 30% (of 1-2)for House maint. Rs 62997/- 4. Interest paid on borrowed Capital Rs 82324/- 5. Taxable Income Rs…

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Should TDS From Prize Money Be Refunded To A Person Having No Taxable Income?

December 8, 2009 By taxworry Leave a Comment

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Excerpt: I want to know about TDS, since I won a contest in which I got 1 Lakh cash prize and TDS of 33.6% is deducted from that amount, since I am a student with no income, so whether that amount will be refunded to me and if yes how. Atul Vohra , Shimla No, the amount of tax deducted will not be refunded to you because the tax on lottery or prize has to be paid by a person even if the taxable income of the person  is below exemption limit. The reason is that…

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Filed Under: Refunds, TDS Tagged With: crossword puzzle, exemption limit, horse race, race horses, TDS, vohra

Are You Aware Your Refund May Be Due Despite No Refund Claim?

March 24, 2009 By taxworry Leave a Comment

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Excerpt: If answers to all the following five question are YES for asst year 2005-06, or Asst Yr 2006-07, or Asst Yr 2007-08 or Asst Year 2008-09 , you may apply for the refund of tax which was paid by youWhether any addition was made in your assessment of total income u/s 40(a)(ia) of the I T Act for not deducting the tax at source or depositing the tax?The tax at source was deductible in the month of March of the relevant financial year.You deducted the tax and paid teh TDS made on payment made before due date…

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Filed Under: Refunds, TDS Tagged With: TDS
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