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Sunday, May 15, 2016

Tax Refund 2016

 
Thursday (January 7) is the last day to get your ITR V with the taxman. Yes, it is 120 days since your September taxfiling deadline. If you had a refund to claim, it was mandatory that you made an electronic filing.

This year, the tax department had also introduced e-verification of ITR V , making the tax return process fully electronic for the first time. This year, the tax department has processed refunds in three to four weeks for those who e-verified. So, have you got your refund yet?


If not, the first thing to do is track it on the income-tax department's Tax Information Network website (tin.nsdl.com).

You simply need your PAN number and assessment year to do this. If you e-verified in the past one month, the refund might still be under process and the status should read: Not Deter mined.However, if it has been longer than that, your status should read that your assessing officer has sent the refund to your refund banker. Meaning, you'll soon have the money in your account. Anything else means your refund is stuck for some reason.

REASONS & RECTIFICATIONS

The reason for it still being processed can range from you entering a wrong IFSC code or account number to the department not agreeing to your tax calculation or deduction claimed leading to a mismatch (See box).

Entering wrong bank details can be easily corrected online on the I-T website. You just have to update your details via `refund re-issue request' under `my accounts'.

For a credit mismatch, you might get a notice (through an email) from the department. In this case, you might have to file a `rectification'.

Rectification under Section 154(1) can be filed for small errors such as mismatch in tax credit, advance tax mismatch, incorrect gender or additional details not submitted for capital gains at the time of filing return. A rectification does not mean you have to refile your return.

However, after rectifying a `mistake', if there is a change in income , you'll have to file a revised return. Moreover, you can't claim new deductions and exemptions in a rectification request.

A common reason for a tax credit mismatch is a TDS mismatch. The tax credit you have claimed does not match with the TDS entries on your Form 26AS. You must have received a mail from taxmen explaining it or you can log in to the e-filing site and check for the information under "my accounts".

If you agree with the mismatch, file a rectification. If you think there is a mistake in your Form 26AS, you'll have to get in touch with the respective TDS deductor--the bank or your employer--to get it fixed.

Another reason for not getting your refund could be that you had some outstanding liability . The assessing officer has a right to adjust your refund against unpaid dues of previous years. This is allowed under Section 245 of the Income-Tax Act. You will be receiving a notification from the assessing officer and again, you'll have to file a rectification. If you are not sure how the tax demand was calculated or you do not agree with the tax department, you might need a CA's assistance to file a response. Sometimes, sleuths may also ask for additional details to process your return with refund. In this case, you'll receive an email explaining the information sought.

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