Tackling Delayed Income Tax Refunds

The taxpayers who have filed their returns and sent their verification form in June or July, usually get the acknowledgment and refunds around this time of the year. But many taxpayers complain that they did not get the intimation of the receipt of their ITR-V on time. And some complain about delayed refunds. After filing the online income tax return, and ITR-V sent to income tax department, I-T department acknowledges the receipt of the ITR-V through SMS or email. Then the taxpayer is notified once the return is processed and after that refund process is initiated.

In many cases, taxpayers forgot […] Read more

Must Know About Income Tax Refunds

Here are the few points that you must know about Income Tax refunds:

1. Taxpayers are entitled to receiving refunds after their returns have been processed by the Central Processing Centre in Bangalore.

2. The State Bank of India has been designated the banker for ensuring that refunds are paid to the bank accounts of taxpayers.

3. To ensure that the refund is deposited in the bank account, the assessee must provide correct bank details while filing the returns.

4. The Income Tax Department supports queries regarding the status of refund through the Tax Information Network (TIN) website. You can access it by providing […] Read more